FINANCIAL NEWS

Saudi inflation slows to 4.1% in January

22 Feb 2010

(MENAFN) A report issued by the Saudi government’s statistics department showed that the kingdom’s annual inflation inched down to 4.1 percent in January from 4.2 percent in December, SPA reported.

Month-to-month, the inflation rate, as measured by the cost of living index, rose 0.2 percent in January, the report said.

The renovation, home rents, water and fuel cost index rose 11.6 percent in the 12 months to end-January, down from 12 percent in December while the food and drinks cost index rose an annual 2.2 percent in January up from 1 percent the previous month, it added.

Earlier, the Saudi central bank said housing will keep 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.

The food and drinks index account for 26 percent in the weighting of the cost of living index while the renovation, home rent, fuel and water group weighs 18 percent in the living index.

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