FINANCIAL NEWS

Saudi Sep inflation 5.3%

30 Oct 2011

(MENAFN) Saudi central bank said that the country’s inflation grew by 0.4 percent from August to September to reach 5.3 percent last month, due to a surge in prices of imported products, reported Arab News.

The bank added that inflationary pressures came from the groups of renovation and rent, and food and beverages.

It also said that in order to control inflation pressures, the central bank should tighten its monetary policy, which would affect the private sector and the acquired growth in that sector negatively, whereas the best solution is for the government to expand the industrial base and organize the real estate market.

It is worth noting that during the month, prices of the group of renovation and rents rose slightly by 0.6 percent, whereas prices in the group of personal goods increased notably by around 11 percent.

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