FINANCIAL NEWS

Saudi August inflation down to 4.8%

15 Sep 2011

(MENAFN) Saudi Central Department of Statistics said that since the increase in housing and transport cost started to fall, last month, the Kingdom’s inflation went down to 4.8 percent whereas monthly price growth declined to 0.5 percent, reported Arab News.

The department added that many factors contributed to the drop in the country’s inflation rate in August, including slowing global inflation, the decline in oil prices which led to a fall in transport prices, in addition to voluntary restraint by retailers and wholesalers on food prices.

It also said that in July, the country’s inflation stood at 4.9 percent on an annual basis and at 1.2 percent from the previous month.

It is worth noting that the Saudi central bank forecasts that in the third quarter of 2011, inflationary pressures in the country will continue at a moderate pace.

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