Saudi Sept CPI at 8-month high of 5.3pc y/y

RIYADH: Saudi inflation climbed to an 8-month peak of 5.3 percent on an annual basis in September, mainly due to a rise in housing and food prices, data from Central Department of Statistics showed on Sunday.

Analysts expected consumer prices in the world's top oil exporter to gather momentum this year as the Gulf Arab country pledged to spend an estimated $130 billion, or nearly 30 percent of its economic output, on a range of social measures.

The largest Arab economy is seen expanding by 6.2 percent in 2011 following a 4.2 percent growth in 2010, helped by robust crude prices and generous government spending.