July 23, 2019 / 1:41 PM / 2 months ago

Saudi consumer prices fall in June but deflation eases

DUBAI, July 23 (Reuters) - Saudi Arabia’s consumer prices fell in June from a year earlier for the sixth month in a row, but the consumer price index (CPI) rose slightly on a monthly basis, government data showed on Tuesday.

The CPI index fell 1.4% in June on an annual basis and rose 0.2% when compared to May, data from the General Authority for Statistics showed.

“Deflation in Saudi Arabia continued to ease last month as the pick-up in activity in the non-oil sector fed through into stronger price pressures,” said Jason Tuvey, senior emerging markets economist at Capital Economics.

“If oil prices stay low, as we expect, the government is likely to push ahead with fresh subsidy cuts and tax hikes, pushing inflation back into positive territory,” he said in a research note. (Reporting by Davide Barbuscia; Editing by Saeed Azhar)

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