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Saudi inflation drops to 3.8%, a three year low
- Saudi Arabia: Thursday, September 13 - 2012 at 11:50
According to the data from Saudi Arabia's Central Department of Statistics, the kingdom's annual inflation eased to 3.8% in August, its lowest level in almost three years, although the monthly increase was the fastest in 10 months, Reuters has reported. Consumer price growth in the kingdom has been slowing gradually since peaking at 5.4% in February and March, registering 4% in July. The month-on-month rate edged up to 0.4% in August from 0.3% in the previous month. "The rate of inflation will depend on how fast international food prices are rising. In addition, the expectation of another round of quantitative easing is likely to weaken the dollar which may help push domestic inflation," said Fahad Alturki, senior economist at Jadwa Investment in Riyadh.
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