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Saudi inflation to continue in Q4: CB

16 Nov 2011

(MENAFN) Saudi Arabian Monetary Agency (SAMA), the country’s central bank, said that as a result of higher spending during the pilgrimage season, the country’s inflation would be expected to continue in the fourth quarter, reported Arab News.

The central bank added that inflationary pressures would continue mainly in products and services sectors, however, they would start to drop in early 2012.

It also said that for most of the current year, Saudi inflation was less than 5 percent; however, it jumped to 5.3 percent in September, recording the highest point in eight months.

It is worth noting that consumer prices may climb in 2011 as a result of the government’s plan to spend around USD130 billion on housing, job creation and other measures to enhance social welfare.

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