FINANCIAL NEWS

Saudi inflation slows to 3.8% in Aug

13 Sep 2012

(MENAFN) Saudi Central Department of Statistics announced that the country’s inflation slowed down to 3.8 percent in August on annual basis, reported Arabian Business.

The agency said that the figure is compared with the 4 percent recorded in the previous month, and a high of 5.4 percent in February and March.

Data showed that food costs, which comprise a quarter of Saudi consumer expenses, were up 0.9 percent; even though the annual rate dropped to 3.3 percent from 4.0 percent in July.

Rents prices fell to 0.1 percent in the month, the smallest increase since December 2007, while on annual basis, rental prices slowed to 8.5 percent from 9.2 percent in July, the lowest rate in 14 months.

It is worth noting that on a monthly basis, August’s inflation rose to 0.4 percent, compared with a gain of 0.3 percent in July.

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