Bank lending growth to the private sector was also slightly up at 12.3 percent in June from 12.0 percent in May, Reuters reported.
The central bank's net foreign assets fell to SR2.737 trillion (
Food prices still remain the second largest contributor to
"We expect inflation in the second half of the year to gradually increase compared with the first half," said a report from
"We expect the average 2014 inflation to register 3 percent year-on-year," it said.
Saudi annual CPI inflation remained unchanged at 2.7 percent for the third consecutive month in June,
In a separate report, Jadwa recently revised its Saudi crude production estimate to 9.7 million bpd for 2014, up from 9.4 mbpd previously.
The main factors for the revision include, lower than anticipated output from other
The sharp rise in oil demand from
Going forward, increased demand for generation in electricity during the summer months will see Saudi Arabian oil consumption rise in Q3 2014 and continuing economic growth will sustain oil demand throughout the remainder of 2014.
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