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FINANCIAL NEWS
Saudi inflation peaks to 4.9% in April
17 May 2010
(MENAFN) Saudi Arabia said that it saw inflation moving up to a 10-month peak of 4.9 percent in April, as global harvest concerns made food prices up through the month in the import-reliant country, SPA reported.
Price pressures are seen going up again this year as oil exporters recover, analysts expect, but inflation is projected to stay in low single digits across the Gulf.
Saudi Arabia’s inflation was 4.7 percent year-on-year in March, down from a record high of 11.1 percent in July 2008. Month-on-month, the cost of living in the kingdom edged up 0.3 percent, after a 0.5 percent rise in March.
Food prices, which account for 26 percent of the overall basket, went down by 0.1 percent month-on-month in April after a 0.9 percent hike in the previous month. They were up 5.1 percent on an annual basis in April.
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