FINANCIAL NEWS

Saudi Jan inflation expands to 4.2%

17 Feb 2013

(MENAFN) Saudi Central Department for Statistics and Information (CDSI) stated that in January, the country’s inflation level rose to 4.2 percent from a year earlier, reported Arabian Business.

The agency said that the rate, the highest since July 2012, is compared with 3.9 percent in December.

In the meantime, Saudi monthly inflation rose to 0.3 percent, a rise of 0.1 percent from December.

According to the report, on-year inflation has been mainly driven by a gain of 6 percent in food prices, which is the highest increase since April 2011, and resulting from higher costs of meat and poultry, fish and crustaceans, and fresh fruit.

However, cereal and cereal product prices fell by 0.3 percent in January, whereas rent and housing services declined to 5.1 percent.

It is worth noting that the monthly inflation rate was boosted by a 0.6-percent rise in transport and telecommunications, driven by a growth of 1.5 percent in public transport fees.

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