Saudi Arabia's inflation rate slows in April

Gulf kingdom's rate edges down to 5.3% as cost of food and beverages declines
Saudi Arabia's inflation rate slows in April
Saudi money, Saudi currency, Saudi economy, Saudi finance, GCC currencies
By Bloomberg
Sat 12 May 2012 03:02 PM

Saudi Arabia’s
inflation rate slowed to 5.3 percent in April from 5.4 percent in the
previous month as the cost of food and beverages declined.

Food and
beverage prices slid an annual 4.3 percent in April from 5.1 percent in
March, the Central Department of Statistics said on its website on Saturday.

Goods and other services fell an annual 6.9 percent in April from 7.1
percent in March. Consumer prices rose 0.2 percent on a monthly basis.

Saudi
government plans to spend more than $500bn have spurred inflation
to the highest rate in the six-member Gulf Cooperation Council. The
council includes Oman, Bahrain, Kuwait, Qatar and the United Arab
Emirates.

Pressure on
prices in Saudi Arabia, the largest Arab economy, will continue into the
second quarter, affecting rent, food and beverages, and commodities,
the kingdom’s central bank said in a quarterly report posted on its
website on May 10.

Housing,
fuel and water costs accelerated an annual 9.2 percent in April from 8.9
percent in March, according to the Department of Statistics.

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