FINANCIAL NEWS

Saudi inflation drops to 2.6 percent in October

13 Nov 2014

(MENAFN) According to the Central Department of Statistics, Saudi Arabia’s inflation dropped to reach 2.6 percent in October, Arab News reported.

During October, the prices of food and beverages rose 3.5 percent compared to the same month last year, while they rose 1.0 percent from the previous month.

Meanwhile, housing and utility costs increased 2.8 percent compared to October 2013, though they declined by 0.5 percent compared to September 2014.

The department said that expectations were that the average inflation in the world’s top crude oil exporter would slow to 3.0 percent in 2014, though it would accelerate back to 3.7 percent in 2015 in comparison with 3.5 percent in the previous year.

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