Saudi inflation surges 10.5pc on rents, food
Riyadh, May 24, 2008
Annual inflation in Saudi Arabia accelerated to an at least 27-year peak of 10.5 percent in April from 9.6 per cent the previous month fuelled by rents and food prices in the world's largest oil exporter.
The cost of living index for the largest Arab economy was 115.2 points on April 30 compared with 104.3 points a year earlier, government data showed on Saturday. The rental index - which includes rents, fuel and water - surged 16.9 per cent, with rents soaring 20.4 per cent, while food and beverages cost surged 16 percent, according to the data.
Like most of its neighbours in the world's biggest oil-exporting region, Saudi Arabia pegs its riyal currency to the dollar, which has fallen to record lows against the euro and a basket of major currencies this year.-Reuters