FINANCIAL NEWS

Saudi annual inflation eases to 5.1% in May

19 Jun 2012

(MENAFN) Official data showed that Saudi Arabia’s annual inflation decelerated to a nine-month low in May, Saudi Gazette reported.

According to the Central Department of Statistics (CDS), consumer prices eased to 5.1 percent last month from 5.3 percent a year earlier. On a month-on-month basis, inflation remained flat.

The slowdown came despite a slight increase in food and housing prices. Food prices increased by 0.1 percent, while home prices and rental items increased by 0.2 percent.

Home repairs, fuel and water supply prices remained unchanged for the month while furnishing and kitchen appliances prices have declined by 0.3 and 0.1 percent, respectively.

Last month, Saudi Arabian Monetary Agency (SAMA) expected inflationary pressures to continue in the second quarter.

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