Saudi inflation hits 5.5%

11 July 2010

Annual inflation in Saudi Arabia has grown to the highest level for at least a year to 5.5% in June from 5.4% in May, Reuters has reported. Annual inflation in the biggest Arab economy started picking up again after slowing to a two-and-a-half year low of 3.5% in October before rising to 5.4% in May, still well below a record high of 11.1% in July 2008. In May, the Saudi Arabian Monetary Agency (SAMA) said inflation was likely to be steady in the second quarter and will be mainly driven by rising housing and food prices.

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