Saudi Arabia’s Central Department of Statistics said April consumer price data showed inflation was flat at its March level. It was the lowest since at least September 2012 when the current data series began.

Prices of housing and utilities rose 3.1 pct from a year earlier in April, while food and beverage prices climbed 1.3 percent.

The data are based on the 2007 consumer basket with the series beginning in September 2012.

Saudi Arabian Monetary Agency (SAMA) earlier said it expected stable inflation in the second quarter of this year, with weak global commodity prices offsetting any upward pressure due to seasonal demand.

“Some commodity prices could see an increase in demand as a result of the expected increase in consumer demand to prepare for the season of Ramadan and Eid during the second quarter of 2015,” SAMA said in a quarterly report. Ramadan is expected to begin on June 18 this year.

But the central bank added, “The outlook still points to stable inflation locally as a result of a decrease in prices of major commodities globally.”

Saudi consumer prices rose 2.0 percent from a year earlier in March, the slowest rate since at least September 2012, when the current data series began.

[wpResize]