Saudi inflation rate slightly down
Saudi Arabia's annual inflation rate declined to 5.3 percent in January 2011 from 5.4 percent in December 2010. This is the lowest level since April 2010.
According to data from the Central Department of Statistics, food prices dropped sharply. On a month-on-month basis, inflation amounted to 0.1 percent in January, unchanged from December, Reuters said.
Consumer prices are expected to climb higher this year, due to increasing global food prices.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?