Posted on: Monday 13 August, 2012 3:03
|Saudi inflation falls to lowest in three years
Saudi Arabia’s inflation rate fell to its lowest in almost three years as increases in the costs of food eased.
Inflation slowed to 4 percent in July, compared with 4.9 percent in the previous month, the Central Department of Statistics said on its website today. Food prices increased 4 percent, down from 4.7 percent in June.
The Saudi Arabian Monetary Agency said in a report on its website today that inflationary pressures in the Kingdom, the Arab world’s largest economy, are expected to stabilize in the third quarter as global increases in food costs slow and inflation in other countries eases.
The outlook for Saudi Arabia’s economy is “broadly favorable”, with real gross domestic product (GDP) expected to grow by six percent this year as the Kingdom benefits from increased oil revenues, prudent economic management and government spending, the IMF said recently.