Saudi food prices drop in October; construction materials rise

Prices of 88 commodities in Saudi Arabia declined year-on-year (YoY) in October, while prices of 65 other products rose, official data issued by the Saudi General Authority for Statistics showed.

As for food products, prices of 54 items retreated YoY during the same month, while prices of other 27 products increased.

Bananas from the Philippines saw the biggest drop of 14 percent YoY, while prices of soft drinks jumped the most by 37 percent.

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

Prices of feedstock and animals also declined during October.

The prices of 10 non-food commodities also increased. Marlboro cigarettes rose the most by 100 percent. The prices of the remaining five non-food items dropped, with liquid soap down the most by 2 percent.

Elsewhere, prices of most construction materials rose in October. Black cement prices saw the biggest decline of 12 percent, while prices of Chinese cables rose the most by 30 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.