Prices of Saudi food, construction materials fall in August

Prices of 52 food products in Saudi Arabia declined year-on-year (YoY) in August, 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 18 percent YoY, while prices of soft drinks jumped the most by 38 percent.

Prices of feedstock and animals also declined during August.

The prices of nine 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 August. Steel rebar prices saw the biggest decline of 14 percent, while prices of Chinese cables rose the most by 27 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.