The Saudi Arabian Monetary Agency said on Tuesday it expected higher inflationary pressure in the third quarter of this year because of high demand for foodstuff during Ramadan.
According to a report carried on SAMA’s website on Tuesday, annual inflation rate in the second quarter rose by 3.8 percent against 0.6 percent during the same period last year.
The latest IMF report in July indicated that inflation rate in developing and emerging economies fell slightly in 2013 to 5.92 percent compared to 5.93 percent in the previous year.
Meanwhile, the Commerce and Industry Ministry confirmed on Tuesday that there is abundant supply of essential consumer products in the Kingdom’s markets.
It also pointed out that prices of most products were stable despite the unprecedented demand for them during Ramadan.
Inflation up in Ramadan
