FINANCIAL NEWS

Saudi inflation set to slow: report

04 Dec 2010

(MENAFN) Inflation in Saudi Arabia will slow next year as increases in rents and home furniture prices ease in the Arab world�s biggest economy, Banque Saudi Fransi said.

The Riyadh based bank lowered its forecast for the average inflation rate next year to 4.7 percent from 5.1 percent, according to a report emailed yesterday. Banque Saudi Fransi maintained its inflation forecast of 5.3 percent for this year, up from 5.1 percent in 2009.

Inflation the world�s largest oil supplier accelerated to 6.1 percent in August before easing to 5.8 percent in October. The increase was due to higher global food prices, not excessive money supply, central bank Governor Muhammad al Jasser said last month.

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