Economic, Development Affairs' Council Reviews Housing Plan in Saudi Arabia

Economic, Development Affairs' Council (SPA)
Economic, Development Affairs' Council (SPA)
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Economic, Development Affairs' Council Reviews Housing Plan in Saudi Arabia

Economic, Development Affairs' Council (SPA)
Economic, Development Affairs' Council (SPA)

Saudi Council for Economic and Development Affairs held a meeting, at al-Yamamah Palace on Tuesday and reviewed a number of relevant economic and development issues.

During the meeting, the council reviewed a presentation on the implementation of housing plan and its related strategy, governance regulations, pivotal initiatives related to the housing program, a description of the program and its objectives and an analysis of the status quo and main current challenges.

The council also discussed a report from the Ministry of Communications and IT, aiming at empowering and accelerating digital transformation, in the society as well as the national economy, to achieve the objectives of Vision 2030.

The council concluded the meeting by reviewing a report from the National Center for Performance Measurement "Adaa", including a quarterly results covering the fourth quarter of the last fiscal year, in addition to an analysis of the public apparatuses, the scope of coverage and the main challenges.

The council took the appropriately related recommendations over reviewed issues.



Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
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Turkish Annual Inflation Falls More Than Expected to 44.38%

A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo
A shopkeeper uses his mobile phone as he waits for customers at a popular middle-class shopping district in Istanbul, Türkiye March 4, 2024. REUTERS/Murad Sezer/File photo

Turkish annual consumer price inflation fell more than expected to 44.38% in December, official data showed on Friday, with education, housing and restaurant prices leading the rise.

Month on month, inflation was 1.03%, the Turkish Statistical Institute said, compared with 2.24% in November. Annual consumer price inflation (CPI) was 47.09% in November.

Furniture prices rose 2.78% from the previous month, data showed, while telecoms-related prices gained by 1.82%.

In a Reuters poll, the annual inflation rate was expected to fall to 45.2%, with the monthly figure seen at 1.61%, owing to easing food price inflation and a limited rise in energy prices.

The latest inflation print was close to the central bank's midpoint prediction of 44% for the end of 2024.

The bank, having kept its main interest rate steady at 50% since March, launched an easing cycle last week, cutting the policy rate by 250 basis points to 47.5%.

The bank said it will set policy "prudently" meeting by meeting with a focus on the inflation outlook while responding to any expected "significant and persistent deterioration".

The Turkish lira was little changed after the data at 35.3850 to the dollar, hovering around the record lows.

The domestic producer price index was up 0.4% month on month in December for an annual rise of 28.52%, the data showed.