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

MENAFN - Qatar News Agency - 17/03/2014
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(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




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