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Inflation rate in Saudi Arabia rose by 1.2% last January

Inflation rate in Saudi Arabia
REUTERS/Ahmed Yosri

Riyadh, (Business News Report)|| The annual inflation rate in Saudi Arabia increased by 1.2% last January, compared to the same month of 2021.

The Saudi General Authority for Statistics said that the inflation rate in Saudi Arabia increased by 0.2% on a monthly basis, compared to last December.

The authority also attributed the increase in the inflation rate last month to the rise in the prices of the education by 6.3% and the transportation department by 4.9%.

The housing, water, electricity, gas and other fuels prices decreased by 1.3% and clothing and shoes did as well by 1.8%.

In a related context, the average wholesale price in Saudi Arabia increased during last January by about 12.3% compared to the same month of 2020.

According to the data of the General Authority for Statistics, the prices transportable goods, except for minerals, topped 20.9%.

The agricultural and fisheries products prices increased by 12.7% and the mineral products prices by 7.7%.

On the other hand, the ores and minerals prices recorded 5.8%, followed by the food and beverage products, tobacco and textiles with an increase of 3.6%.

Sukuk

Separately, Standard & Poor’s Ratings Agency said that Saudi Arabia’s sukuk issuances rose by 37% last year.

Standard & Poor’s stated that the volume of Saudi government and national corporate issuances was $36.9 billion in 2021, compared to $27 billion in 2020 and $28.6 billion in 2019.

The agency stated that global sukuk issuances in 2021 amounted to $147.4 billion, compared to $148.4 billion in 2020.

The credit agency indicated that sukuk issuances denominated in foreign currencies increased by 10%.

Large issuances in Saudi Arabia, such as Saudi Aramco’s sukuk, for example, contributed to this increase, in addition to the continued growth of issues in Malaysia and Indonesia, and to a lesser extent, issues from Turkey, as a result of favorable market conditions and abundance of liquidity.

The issuance by some Gulf banks of capital support tools by taking advantage of these same favorable conditions contributed to providing a strong impetus to the issuance, according to the report.

The agency expects the volume of issuance in 2022 to range between 145 and 150 billion dollars. It believes that the implementation of national transformation plans, such as Saudi Vision 2030, will provide some opportunities for issuing sukuk.

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