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FINANCIAL NEWS
Saudi annual inflation up 5.4% in Feb
12 Mar 2012
(MENAFN) Saudi Central Department of Statistics said that annual inflation rate in February rose 5.4 percent, recording the highest level in 14 months, reported The Peninsula.
The agency added that the rise was driven by higher food prices, which rose 0.5 percent, and housing costs that grew 0.7 percent.
On the other hand, it said that the Kingdom’s bank lending to the private sector went up 11.7 percent in January, the fastest rate since May 2009; moreover, it increased from 10.6 percent in December 2011.
It is worth noting that the slight increase in the annual inflation rate from January’s 5.3 percent is not expected to prompt any tightening of the country’s monetary policy.
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