January 27, 2023

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Saudi Arabia inflation at 4.5 pct in ”13 – KFH

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Inflation in Saudi Arabia can reach 4.5 percent this year due to strong non-oil sector’s performance, Kuwait Finance House (KFH) projected Friday. Riyadh image

Inflation in Saudi Arabia last June was 3.5 percent, the lowest over the past seven months year-over-year (YOY), KFH said in a report about markets of the Gulf Cooperation Council (GCC) countries. It added that prices of food and beverages sector dropped by 21.7 percent in June thus grew by 6.1 percent YOY. Prices of food, though declining in June, kept high value due to high global inflation, said KFH. Inflation maintained its level in the housing and facilities sector at 3.6 percent in Saudi Arabia YOY, said KFH, citing stable renting. Inflation in the Kingdom, it noted, kept decreasing trend for the fourth month in a row. KFH predicted monetary conditions to remain stable coupled with high liquidity amidst high borrowing from banks.

Source : KUNA

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