Some construction materials in Saudi Arabia have posted a decline despite rising inflation in August this year, according to latest government figures.
The cost of normal concrete (250K) dropped by 1.33% during the month compared to July, while mixed sand fell by nearly 3%, data from the General Authority for Statistics (GASTAT) showed.
Electrical cables also registered declines ranging between 0.96% and nearly 2%, while Romanian wood and Chinese iron-binding cables fell 0.83% and 0.51%, respectively.
The construction materials were among the consumer goods that posted the most significant monthly declines in August.
Saudi’s inflation rate inched up by 1.6% in August, driven by high prices of fruits and vegetables.
The biggest gainers were local tomatoes, up by nearly 20% compared to the previous month. The price of potatoes, mangoes, fresh fish, melon, zucchini, lemon, butter, cabbage, apples and eggplants also jumped by more than 2%.
The International Monetary Fund (IMF) said in a report this month that Saudi Arabia’s economic transformation is progressing well.
The Washington-based lender noted that the country’s inflation is contained and that the current account surplus is rapidly narrowing, while strong domestic demand is keeping non-oil growth robust and unemployment level is at record lows.
(Writing by Cleofe Maceda; editing by Seban Scaria)
