Saudi inflation rises to 4pc in November
Inflation in Saudi Arabia rose to 4 percent in November 2009, prompted by rising oil prices and…
December 29, 2009 4:17 by kippreport
Inflation in Saudi Arabia rose to 4 percent in November 2009, prompted by rising oil prices and cost of food imports, reports Bloomberg, citing statistics published on the Central Department of Statistics web site.
“Food prices will creep up in the coming months, which will keep inflation at 4.6 percent in 2010,” John Sfakianakis, chief economist at Banque Saudi Fransi, told the news agency. “We are seeing a rise in global food prices. Saudi Arabia is not isolated from that.”
Oil prices are currently around $79 a barrel.