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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INTERNATIONAL. The opening of the Saudi stock market to international investors is "something we have been looking for from Saudi Arabia for some time, and it's welcome news.
UAE. Emerging capital markets are expected to double their global index share by 2030, according to the Credit Suisse Research Institute's "Emerging Capital Markets: The Road to 2030" report.
dhgate