Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi Arabia's Inflation Hits 4-Year Low in February  Join our daily free Newsletter

MENAFN - Qatar News Agency - 17/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Qatar News Agency) Saudi Arabia's headline inflation hit a four-year low level of 2.8 percent in February.



According to data released by Central Department of Statistics, prices of food and beverages rose 4.6 percent year-on-year in February, while housing and utility costs increased 4 percent, Saudi daily (Arab News) reporte



Head of research at Jadwa Investment Fahad Alturki said estimated that Saudi core inflation, which excludes food and rental, and housing-related services, slipped to 1.4 percent year-on-year and 0.03 percent month-on-month in Februar



He said that core inflation was pushed down by falling prices of the other goods and services grou



The prices of the latter contracted by 0.4 percent year-on-year in February owing mainly to a 16 percent fall in jewelry prices, which in turn reflects falling in international gold price



Alturki added: "Based on the above trends, there is little reason to expect a rise in inflation in the coming months, especially that rental inflation is gradually drifting downward and inflation in most of Saudi Arabia's trading partners is set to remain relatively low." Meanwhile, Paul Gamble, director, Sovereign Group at FitchRatings, commented: "Our forecast for average inflation this year is 3.2 percen



A planned large increase in public sector housing will start to have more impact on rents over 2014." Gamble added: "Labor market reform has yet to affect consumer price



The purchasing managers' index shows price pressures, and some private sector companies are reporting higher labor costs, although for some affected sectors, such as construction, there will be little pass-through to consumer prices." Commenting on the latest government statistics, John Sfakianakis, chief investment strategist at Masic in Saudi Arabia, said: "Saudi inflation in 2013 reached 3.5 percent and for 2014 I expect an average annual rate of around 3.2 percen



This is neither too high nor too low that could lead to deflation, a concern that worries many in Europe and the United States." Jadwa Investment said in a recent report that inflation in January fell to its lowest level since August 2012, with food prices and rents, the two main sources of inflationary pressure, both easin



Wholesale and global food prices data do not point to much inflationary pressure in the supply chain, said the repor

 


Qatar News Agency




  MENA News Headlines
 Jan 31 2015 - Vodafone Qatar revenue up 21 percent in 9MMENAFN
(MENAFN) Vodafone Qatar's said its total revenue grew by 21 percent to USD474.59 billion for the nine months ended December 31, 2014, The Peninsula Qatar reported.The company's mobile customer base ...

 Jan 31 2015 - Qatar Airways to acquire 10 percent of IAGMENAFN
(MENAFN) Qatar Airways announced that it has bought nearly 10 percent of the parent company of British Airways and Spain's Iberia, deepening wealthy Qatar's business ties to Europe, Arab News ...

 Jan 31 2015 - Saudi RCJY signs three deals worth USD138.25mMENAFN
(MENAFN) Chairman of the Royal Commission for Jubail and Yanbu (RCJY) signed three contracts worth USD138.25 million to provide essential equipment and develop industrial zones, Arab News ...

 Jan 31 2015 - Saudi- Outspoken prince to launch pan-Arab news channelThe Peninsula
(MENAFN - The Peninsula) An outspoken, billionaire Saudi prince will on Sunday launch a pan-Arab satellite news channel aimed at challenging established networks in the region.Prince Alwaleed bin ...

 Jan 31 2015 - Qaeda in Yemen says France top enemyThe Peninsula
(MENAFN - The Peninsula) The ideological leader of Yemen-based Al-Qaeda in the Arabian Peninsula (AQAP) said Friday that France had surpassed the United States as the top enemy of Islam.With the ...

 Jan 31 2015 - Qaeda group launches assault on Western-backed Syria rebelsThe Peninsula
(MENAFN - The Peninsula) Al-Qaeda's affiliate in Syria battled Western-backed rebels Friday as the jihadists pressed their bid to seize control of northern areas, a monitoring group and rebels ...

 Jan 31 2015 - Iraq- Air strike kills IS 'chemical weapons expert'The Peninsula
(MENAFN - The Peninsula) A US-led coalition air strike killed a chemical weapons specialist with the Islamic State group in Iraq who once worked for Saddam Hussein, US military officers said ...

 Jan 31 2015 - FM honours Qatari missionsThe Peninsula
(MENAFN - The Peninsula) The second annual general meeting of heads of Qatar's diplomatic, consular and representative missions abroad ended in the presence of the Foreign Minister H E Dr Khalid bin ...

 Jan 31 2015 - Qatar- Demand for books declines as craze for movies risesThe Peninsula
(MENAFN - The Peninsula) The charm of printed words is fading away in Qatar and the craze for movies is peaking, according to report released by the Ministry of Development Planning and ...

 Jan 31 2015 - Qatar- HBKU hosts graduate students from USThe Peninsula
(MENAFN - The Peninsula) Hamad Bin Khalifa University (HBKU), a member of Qatar Foundation for Education, Science and Community Development (QF), hosted 25 faculty, staff and graduate students from ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help