FINANCIAL NEWS

Saudi inflation falls to 5.9% in September

12 Oct 2010

(MENAFN) The Saudi Press Agency reported that the Kingdom’s inflation has declined to 5.9 percent in September from 6.1 percent a month earlier, on lower food and beverage prices in the Arab world�s biggest economy.

Food and drink inflation slowed to 7.5 percent from 8 percent in August. On the month, prices rose 0.5 percent.

Saudi Arabia�s economy is expected to grow 3.5 percent this year as it benefits from the government�s $400 billion, five- year investment package announced in late 2008 and higher oil prices, the central bank’s governor said in September.

The central bank last year cut the repurchase rate to 2 percent, the lowest since 2004, and the reverse repurchase rate to 0.25 percent.

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