Saudi inflation at 14-month high on food, housing

Saudi Arabia's annual inflation rate edged up to a 14-month high of 5.4 percent in February, mainly because of higher food and housing costs, state news agency SPA reported on Sunday. Quoting data from the Central Department of Statistics, the agency said consumer prices increased 0.3 percent from the previous month in February after a 0.1 percent rise in January.
Food prices climbed 0.5 percent and housing 0.7 percent. The rise in the annual inflation rate was minor, from 5.3 percent in January, and it is not expected to prompt any tightening of Saudi monetary policy. Inflation is far below a record high of 11.1 percent hit during an oil boom in July 2008.