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Hike in prices is inevitable as Russia-Ukrainian crisis rages

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KUWAIT CITY, March 16: In the midst of the repercussions of the Russian- Ukrainian war, which casts a shadow on the economic situation, Minister of Commerce Fahd Al-Shuria’an acknowledged that price hikes are inevitable and that the government cannot promise that it will not affect the citizens, reports Al-Rai daily. Speaking on the sidelines of the inauguration of the first manufacturing unit for 26 pharmaceutical products in Sabhan, owned by Abbott Laboratories International, in Kuwait, Dr. Khaled Al-Saeed, in response to a question about the possibility of a price increase during the coming period, said, “This is a global trend” and added the current situation in the world is dangerous, and “some of the goods that come to us may find its way to other regions.”

He warned of a difficult stage “if we do not prepare ourselves. We are not currently talking about high prices, but the important thing is to get goods, and the government always bears the price differences.” In response to another question, Al- Shariaan said that “not touching the pocket of the citizen is our motto always, but I cannot say that it will not be touched categorically, and we must unite to solve the next problem,” adding that “the government is keen on the welfare of citizens and providing what it is able to, but if we promise something we must remain committed to what we promise, which is why I can’t promise anything, but we must be prepared for any eventuality.” He stressed there are preparations for the ministry to work around the clock, but “we cannot control something which is not within our capabilities.”

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