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FINANCIAL NEWS
Saudi Arabia’s November inflation stable at 5.8%
19 Dec 2010
(MENAFN) The Saudi Arabia Monetary Agency (SAMA) revealed that the Kingdom’s annual inflation rate stood at a stable 5.8 percent in November, compared to the previous month, underpinned by rising housing and transport costs, SPA reported.
Official data showed that the largest Arab economy and the world’s top oil exporter�s monthly inflation was recorded at 0.3 percent in November, down from 0.5 percent in the previous month.
According to SAMA, housing costs rose 0.5 percent compared to a 0.6 percent increase, month on month. Food prices, which have the largest weighting of 26 percent in the consumer price basket, jumped 0.3 percent month on month in November, down from a 1.6 percent rise in the previous month.
Inflation in Saudi Arabia had been on the decline since reaching an 18-month high of 6.1 percent in August, and the Kingdom�s economy is forecasted to expand by 3.8 percent in 2010, following a 0.6 percent expansion in 2009, helped by recovery in crude prices and generous government spending, revealed data.
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