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FINANCIAL NEWS
Saudi June inflation slows to 4.9%
11 Jul 2012
(MENAFN) Saudi Central Department of Statistics stated that the Kingdom’s annual inflation reached its lowest rate last month since September 2011, at 4.9 percent, reported Arabian Business.
The agency attributed the decline to a drop in global commodity prices, in addition to a strong dollar and a weaker euro, as around 28 percent of the country’s imports come from Europe.
However, housing prices, rents and water rose 8.8 percent from 2011’s same period, whereas food prices gained 4.7 percent and clothing were up 2.9 percent.
It is worth noting that in May, the Kingdom’s inflation was at 5.1 percent.
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