(MENAFN - Arab News) Observers have noticed a rise in the cost of living not only in Saudi society but globally. The increases are evident in the prices of basic requirements like food and other essentials.
The high expenses being incurred by families seen in the rising costs of electricity, water and other necessities of urban life are making the buying of homes or apartments a distant dream. The high cost of living is also shrinking savings from the monthly income making it increasingly difficult for the majority of Saudi families to manage their daily expenses.
Arab News conducted a poll of various segments of society and took their views on how they spend their salaries.
Hassan Al-Hakami said: "We don't really save anything. After fulfilling the family requirements, the soaring prices of everyday items including food don't leave anything to go on."
Abdullah Al-Qahtani said: "As soon as my salary is credited to my account, I begin receiving a number of calls from creditors who demand payment of their debts. So my salary of SR5,000 is spent on paying back debts. The remaining fraction of my salary goes to keeping the seven members of my family together." He said that he was under a lot of stress and it was being reflected in his attitude toward his family.
Mohammed Al-Harbi said that installments for cars, homes, bank loans or land gobble up 50 percent of our salaries so we continuously borrow money from friends and family to fulfill the requirements of our families.
Nasser Al Toam, head of the Consumer Protection Association, admits that there is a significant rise in the prices of food and consumer goods, especially those that are imported because of the high freight costs. He pointed out that the role of the association is only to create awareness and not act as a regulatory body because it cannot intervene to stop the continuous rise in prices. He said that only the Ministry of Commerce could play a role in curbing the soaring inflation.