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13-03-14

Saudi headline inflation hits 2.8 percent in February

(MENAFN) Headline inflation of Saudi Arabia reached 2.8 percent last month, its lowest level since four years, according to Arab News. Fahad Alturki, head of research at Jadwa Investment, said: "This is mostly due to lower food inflation." Food and beverages prices boosted 4.6 percent year-on-year in February, while housing and utility costs increased 4 percent during the month. Alturki said: "Our estimate of Saudi core inflation, which excludes food and rental, and housing-related services, slipped to 1.4 percent year-on-year and 0.03 percent month-on-month in February."