DUBAI, May 20 (Reuters) - Saudi Arabia’s central bank expects the annual inflation rate to continue easing gradually in the second quarter of this year, it said in a report on Tuesday.
“Because of the constant decline in inflation rates in most of the major groups, notably the group of food and beverages, the kingdom’s inflation rates are expected to continue their gradual decline during the second quarter of 2014,” it said in its quarterly inflation report.
Consumer price growth in the world’s top oil exporter has been easing gradually since hitting a peak of 4.0 percent in April 2013. It edged up marginally to 2.7 percent in April this year from 2.6 percent in the previous month.
Analysts polled by Reuters in April expected average inflation in the OPEC member to remain steady at 3.5 percent in 2014 and 2015. (Reporting by Martin Dokoupil; Editing by Jeremy Guant)