FORTUNATE Bahrainis and expats look set to have a reasonably-priced Eid Al Adha holiday with a plentiful supply of fresh produce available, despite global pressures rocking the world.
In Bahrain, the Cabinet, chaired yesterday by Deputy Prime Minister and Infrastructure Minister Shaikh Khalid bin Abdulla Al Khalifa, heard the focus was on ensuring the community continued to be looked after.
In light of the global developments that have impacted energy supplies, logistics and the prices of goods, a presentation was given by the Industry and Commerce Minister on its plans to ensure the security of basic commodity supply lines regardless of the current circumstances.
Following the presentation, the Cabinet thanked the ministry for its efforts in securing the provision of basic commodities and noted the importance of continuing to monitor market prices and the availability of goods.
The news is not so bright elsewhere.
Reuters reported that Americans plan to spend less, travel more and have plenty of cookouts over their Independence Day holiday this week.
Spending is expected to be down 12 per cent, according to a new Visa poll, dropping to an average of $191 (around BD72) per person.
Two-thirds of all Americans plan on a ‘simple cookout’ for gatherings which started yesterday, according to a National Retail Federation survey.
And, both surveys showed a significant minority of people will not celebrate at all – Visa survey said 21pc and the retail group said 10.6pc.
Life is not much brighter across the Atlantic in the United Kingdom. The BBC reported that The Bank of England has warned inflation might reach 11pc within months.
Energy bills are one of the biggest contributors to inflation at present, as oil and gas prices remain at elevated levels in part due to the Ukraine conflict.
Fuel prices are also surging, with average petrol prices hitting 186.59p per litre last month versus 160.31p in early May, and 130.5p a year earlier. The June price was the highest on record and the start of July has continued the misery. FairFuelUK, a campaign group, said there were go-slows planned on several motorways to protest at the runaway prices, Bloomberg reported yesterday.
And, food prices are also surging as the war in Ukraine squeezes global grain production. The governor of the Bank of England has said rising global food prices are ‘a major worry’.
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