Inflation rate edges down

The Kingdom’s consumer price inflation rate edged down to 5.3 percent year-on-year in April from 5.4 percent in March. Prices rose 0.2 percent in April from a month earlier. The inflation rate was recorded at 5.4 percent in February. Kingdom-based economists have earlier predicted a relative stability or a slight decline in inflationary pressures period due to a decline in world food prices, and relative stability in the domestic market. The government of Saudi Arabia has very strong external and fiscal positions and has reduced its general government debt through prudent macroeconomic management, said a recent report from Standard & Poor’s Ratings Services. The report said foreign currency assets under management of the Saudi Arabia Monetary Agency have increased significantly to around $ 570 billion in March 2012 (covering 26 months of current account payments) from around $100 billion in 2003 (covering 14 months of current account payments).