Saudi inflation slows to 5.3% in April on lower food cost
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Mon May 14, 2012 12:07 am

SAUDI ARABIA. Saudi Arabia’s inflation rate slowed to 5.3% in April from 5.4% in the previous month as the cost of food and beverages declined.

Food and beverage prices slid an annual 4.3% in April from 5.1% in March, the Central Department of Statistics said on its website today. Goods and other services fell an annual 6.9% in April from 7.1% in March. Consumer prices rose 0.2% on a monthly basis.

Saudi government plans to spend more than US$500 billion have spurred inflation to the highest rate in the six-member Gulf Cooperation Council. The council includes Oman, Bahrain, Kuwait, Qatar and the United Arab Emirates.

Pressure on prices in Saudi Arabia, the largest Arab economy, will continue into the second quarter, affecting rent, food and beverages, and commodities, the kingdom’s central bank said in a quarterly report posted on its website on May 10.

Housing, fuel and water costs accelerated an annual 9.2% in April from 8.9% in March, according to the Department of Statistics.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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UAE. Significant increase in inflows of private capital into UAE in 2014; UAE seen as hub between Africa and Asia; Political stability remains a major factor driving flows; UAE clear winner in the region, as other GCC countries see net outflows of private capital.
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INTERNATIONAL. Foreign policy is what a president wishes would happen; foreign affairs are what actually happen; the problem that Obama has, which has crippled his foreign policy, is that his principles have not been defined with enough rigor to provide definitive guidance in a crisis.
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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