Saudi Arabia: Average inflation rate hits 5.4%
The average inflation rate in Saudi Arabia during the 12 months ended March 2008 rose by 5.4 percent while the average inflation rate during the preceding five years (April 2002 – March 2007) was 1.0 percent. During April 2007- March 2008, inflation rates of goods and services exceeded their levels recorded in the preceding five years, a recent report by the Saudi Arabian Monetary Agency has indicated.
The group of renovation, rent, fuel and water (housing and appurtenances) rose by (10.7 percent), the group of food and beverages (8.0 percent), the group of goods and other services (6.8 percent), the group of medical care (5.6 percent), the group of education and entertainment (0.7 percent) and the group of transport and telecommunications (0.3 percent). However, the group of fabric, apparel and shoes went down by 2.3 percent.
Meanwhile, the general wholesale price index recorded an increase of 9.0 percent during the first quarter of 2008 compared to the first quarter of 2007 basically due to a rise in the groups of other commodities by 36.2 percent, chemicals by 21.5 percent, animal and vegetable oils and fats by 10.1 percent, food and live animals by 9.3 percent, and manufactured goods by 9.1 percent.