Tuesday, 24 October 2017 07:51 GMT
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Saudi inflation edges up to 3.1%

(MENAFN - Arab News) Saudi Arabia's inflation in November edged up to 3.1 percent year-on-year mainly because of higher food and housing costs, according to a report. The prices of food and beverages rose 5.4 percent year-on-year in November and 0.6 percent from the previous month, stated the Central Department of Statistics in its consumer price data released on Thursday. The housing and utility costs increased 3.5 percent on an annual basis and 0.2 percent month-on-month, it stated. Analysts polled by Reuters in September expected average inflation in the Kingdom to climb to 3.8 percent in 2013 and 3.9 percent in 2014 from 2.9 percent in 2012. Brent oil futures, meanwhile, fell by more than $1 on Thursday. Brent crude oil was down $1 at $108.70 a barrel at 1732 GMT after dropping to a session low of $108.51. US crude futures for January delivery rose 16 cents to $97.60 a barrel, according to Reuters. Brentۼs premium to US oil was last trading at $11.02 per barrel, narrowing by more than $1 from the previous session. The spread has narrowed by more than $8 in volatile trade over the last two weeks. The crack, or difference, between US crude oil futures and narrowed by about $7 from two weeks ago to trade around $28. The crack for Brent has hovered around $17 for the past week.


Saudi inflation edges up to 3.1%