FINANCIAL NEWS

Saudi inflation slows in Q1

19 Apr 2010

(MENAFN) Saudi Arabia’s statistics authority said in a statement that the Kingdom’s consumer prices rose by 0.5 percent in the first quarter compared to the previous period, which is far below the central bank’s estimates, Reuters reported.

The first quarter figure is below the 1.5 percent the Saudi Arabian Monetary Agency (SAMA) fixed in February as a maximum quarter-to-quarter growth projection for the cost of living index. It is also below the index’ quarter-to-quarter increase during the fourth quarter of 2009.

Compared to its level a year earlier, the index rose 3.3 percent at the end of the first quarter of this year which is also below the 3.8 percent annual increase recorded during the fourth-quarter of 2009.

SAMA said in February’s report that housing will keep Saudi Arabia’s inflation rising during the first quarter but a stabilization in food prices will keep it below the 1.5 percent recorded in the previous quarter.

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