The report said a 45-kg wheat flour bag now costs SR45 while white flour is priced at SR26. The Kingdom has stocked 1.93 million bags of flour (86,670 tons) in the first quarter of this year, up 19.4 percent compared to the same period last year, the report added.

The ministry report comes ahead of the holy month of Ramadan, which is set to begin Aug. 11, when demand for essential commodities, especially foodstuffs, goes up.

"Rice prices in the local market are stable and are likely to decline," the ministry said, adding that the price of American "Abu Bint" brand stood at SR180 for a 45-kg bag, showing a 13 percent decline.

The report showed a 24.5 percent increase in sugar prices last month compared to the same period last year. Price of a 50-kg sugar bag reached an average of SR131 with Dammam having the lowest of SR124 and cities like Wadi Al-Dawasser, Buraidah, Unaizah and Najran having the highest prices of SR135 per bag.

The report indicated that cooking oil prices are likely to fall in the local market, while prices of powder milk and meat to remain stable. Prices of cement stayed stable at SR14 per bag while iron and steel prices declined by 26 percent.