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Saudi Consumer Prices up 3% in August

Saudi Arabia’s consumer price index rises in August from a year earlier - AAWSAT
Saudi Arabia’s consumer price index rises in August from a year earlier - AAWSAT
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Saudi Consumer Prices up 3% in August

Saudi Arabia’s consumer price index rises in August from a year earlier - AAWSAT
Saudi Arabia’s consumer price index rises in August from a year earlier - AAWSAT

Saudi Arabia’s consumer price index rose 3% in August from a year earlier, official data showed on Thursday, accelerating from a 2.7% pace in July.

Food and beverages and transport prices were again the main driver of inflation in August, both rising 4%, the General Authority for Statistics said in a statement.

Meat prices were up 6.7%, pushing up food and beverages, which make up 18.8% of the consumer basket.

Prices were up 0.4% on a monthly basis in August, a fractional slowdown from the 0.5% month-on-month rise in July, according to Reuters.

“The monthly CPI was affected by the increase of food and beverage prices by 0.8%, mainly due to the increase in food prices by 0.9%,” the statistics agency said.

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Trump’s Tariffs Mean Europe Must Take Control of Its Future, Says ECB's Lagarde

European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
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Trump’s Tariffs Mean Europe Must Take Control of Its Future, Says ECB's Lagarde

European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)
European Central Bank (ECB) President Christine Lagarde arrives to address a press conference on the Eurozone's monetary policy, at the central bank's headquarters in Frankfurt am Main, western Germany, on January 30, 2025. (AFP)

The likely implementation of tariffs imposed by the United States on April 2 means Europe will have to take better control of its future, European Central Bank (ECB) head Christine Lagarde said on Monday.

"I've tried to describe this as a moment for our Europe... and I see it as the start of a march towards independence," Lagarde said in an interview on France Inter radio

"He calls it Liberation Day in the United States. I see it as a moment when we must together decide to take better control of our destiny, and I think it's a step towards independence."

Trump is set to announce a comprehensive tariff proposal on what he's called "Liberation Day" this Wednesday, after implementing levies on aluminium, steel, and automobiles, along with increased tariffs on all goods from China.

"He's someone who always takes a transactional approach. He applies this kind of principle, which is more in the realm of business, to the management of international relations," Lagarde said.

The ECB President reaffirmed her estimate of a decrease of about 0.3 percentage points for Europe in the first year of tariffs on US imports from Europe.

She added that if Europe responds with reciprocal measures, growth will be even lower, down 0.5 percentage points.