{"id":223449,"date":"2022-04-14T21:19:55","date_gmt":"2022-04-14T21:19:55","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=223449"},"modified":"2022-04-14T21:19:55","modified_gmt":"2022-04-14T21:19:55","slug":"inflation-rate-in-saudi-arabia-2","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/inflation-rate-in-saudi-arabia-2\/","title":{"rendered":"Inflation rate in Saudi Arabia rose by 2% last March"},"content":{"rendered":"

Riyadh, (Business News Report)||<\/strong> The inflation rate in the Kingdom of Saudi Arabia increased during the month of March by 2% on an annual basis.<\/p>\n

The inflation rate in Saudi Arabia rose in March on a monthly basis by 0.3%.<\/p>\n

According to official data, the inflation rate in March is the highest in nine months, that is, since last June 2021, when it reached 6.2%.<\/p>\n

Inflation rose last month mainly from the rise in transportation prices, the third section, by 4.7%, as a result of the 14.7% rise in gasoline prices.<\/p>\n

Food and beverage prices, the second division by weight in the index, increased by 4%, as a result of a 3.3% increase in food prices.<\/p>\n

In a separate context, Standard & Poor’s, the credit rating agency, expected Saudi banks to benefit from raising US interest rates in the coming months.<\/p>\n

Standard & Poor’s said, in a report, that the Saudi central bank usually takes similar steps to the Fed because the riyal is linked to the US dollar.<\/p>\n

The report stressed that the changes would lead to an increase in the profits of Saudi banks due to the structure of their balance sheets.<\/p>\n

Standard & Poor’s indicated that this is based on the premise that the shift in the yield curve is parallel, and that banks’ balance sheets remain flat.<\/p>\n

The agency said that secondary effects can arise from the increase in interest rates due to higher financing costs and slower credit growth than expected.<\/p>\n

The agency expected the US Federal Reserve<\/a> to raise interest rates six times this year, including the Fed’s rate hike in March.<\/p>\n

It is likely that the Fed will raise interest rates by about five times in 2023 and 2024, which is a much greater increase than expectations in the base scenario for many Saudi banks.<\/p>\n

Standard & Poor’s indicated that for every increase of 100 basis points in interest rates, the net income of Saudi banks is likely to increase by 13%.<\/p>\n

The profits of Saudi banks listed on the local stock exchange rose 59.6% last year, to 48.73 billion riyals ($13 billion).<\/p>\n

Saudi banks listed on the stock exchange recorded net profits of 30.53 billion riyals ($8.14 billion) in 2020, which witnessed the outbreak of Coronavirus, and resulted in a decline in profits by nearly 24%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Riyadh, (Business News Report)|| The inflation rate in the Kingdom of Saudi Arabia increased during the month of March by 2% on an annual basis. The inflation rate in Saudi Arabia rose in March on a monthly basis by 0.3%. According to official data, the inflation rate in March is the highest in nine months, […]<\/p>\n","protected":false},"author":4,"featured_media":223450,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,576],"class_list":["post-223449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-saudi-arabia"],"yoast_head":"\nInflation rate in Saudi Arabia rose by 2% last March | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| The inflation rate in the Kingdom of Saudi Arabia increased during the month of March by 2% on an annual basis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/inflation-rate-in-saudi-arabia-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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