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FINANCIAL NEWS
Bahrain CPI down 1.3% in July
22 Aug 2011
(MENAFN) Bahrain’s Central Informatics Organization said that the consumer prices in Bahrain decreased to 1.3 percent in July compared with the same period from the previous year, and increased from June helped by a jump in food costs, reported AP.
The organization added Bahrain’s consumer prices increased by 0.6 percent in July on a monthly basis, which is considered to be the biggest hike since March compared with 0.3 percent fall in June.
The data showed that Bahrain’s economy declined by 1.4 percent in the first quarter of the current fiscal year compared with the previous quarter, as the turmoil hit businesses in the tourism sector, its first quarterly contraction since the global financial crisis in late 2008.
It is worth noting that Bahrain’s deflation reached 2.1 percent year-on-year in June after living costs rose by 2.0 percent on average last year. Bahrain entered the deflationary path in March as rents plunged.
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