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FINANCIAL NEWS
Saudi inflation cools to a three-year low
13 Aug 2012
(MENAFN) Official data showed that Saudi Arabia’s consumer prices dropped to a three-year low in July, as increases in the costs of food eased, local media reported.
According to the Central Department of Statistics, inflation cooled to 4 percent last month compared with 4.9 percent in June, Saudi Gazette said.
Food prices in the Kingdom rose by 4 percent in July, slower pace from the 4.7 percent in June.
The Saudi Arabian Monetary Agency said in a report it expects inflation to stabilize in the third quarter as global increases in food costs slow and inflation in other countries eases.
The International Monetary Fund (IMF) expected the Kingdom’s real gross domestic product (GDP) to advance by six percent this year as the Kingdom benefits from increased oil revenues, prudent economic management and government spending.
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