Prices of Saudi food, construction materials continue to decline

Prices of 54 food products in Saudi Arabia declined year-on-year (YoY) in September, while prices of 29 other commodities rose, official data issued by the Saudi General Authority for Statistics showed.

Bananas from the Philippines saw the biggest drop of 19 percent YoY, while prices of soft drinks jumped the most by 38 percent.

Prices of feedstock and animals also declined during September.

The prices of seven non-food commodities increased, with Marlboro cigarettes rose the most by 100 percent.

Saudi Arabia rolled out a 100 percent selective tax on tobacco products and energy drinks in June this year. A 50 percent tax was imposed on carbonated soft drinks.

Elsewhere, prices of most construction materials slid in September. Locally-produced cement prices saw the biggest decline of 14 percent, while prices of Chinese cables rose the most by 29 percent.

Demand for construction materials has fallen in the Kingdom as the sector continues to face an ongoing slowdown, due to tighter government spending amid low oil prices.