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FINANCIAL NEWS
Saudi inflation drops to 2.4 percent in December
16 Jan 2015
(MENAFN) According to the Central Department of Statistics in Saudi Arabia, the kingdom’s inflation edged down to 2.4 percent in December, which is its lowest level since at least September 2012, Arab News reported.
The data showed that the prices of food and beverages, which accounts for 22 percent of the total basket of goods and services that make up the Kingdom’s Consumer Price Index (CPI), rose 2.6 percent compared with the same month last year, while housing and utility costs increased by 2.5 percent.
“In 2015, we expect a slower increase in credit and money supply growth, mainly due to a psychological response to a number of domestic and external factors. The broader economic factors, mainly lower oil prices and the prospect of government deficits, are likely to play a role in the cooling off of domestic economic demand and activity,” the report said.
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