NCB expects KSA inflation at around 3% this year

June 30, 2014 5:35 am

Saudi Arabia’s biggest lender, National Commercial Bank (NCB) has said inflation in the kingdom is likely to hover around 3% in 2014, with the recent sharp increase in commodity prices moderating by the second half of this year and offset by lower imported inflation, Saudi Gazette has reported. Last year, prices edged higher, averaging 3.5% due to higher food prices. The liquid state of the economy was supportive of higher consumption expenditure, which drove up local food prices that averaged 5.7% year-on-year, higher than 4.5% year-on-year registered in 2012.