Saudi inflation hits record high of 5.5%

RIYADH, (SANA): The Saudi government says the annual inflation rate has reached a record high of 5.5 percent in June, the highest in a year.

The kingdom’s statistical and information authority said Saturday that the high inflation rate reflected the overall rise in housing and commodity costs.
Saudi Arabia has the world’s largest oil reserves and the Arab world’s largest economy.

Inflation rate reached a peak of 11 percent in July 2008 then it fall to 4.2 percent in July 2009.

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