A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia Sept. 29, 2016. REUTERS/Faisal Al Nasser
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Consumer price deflation hit Saudi Arabia in January for the first time in over a decade, official data showed Tuesday, but plans for increased state revenues mean prices are unlikely to continue falling for more than a few months.Prices fell 0.4 percent from a year earlier last month, their first drop since the early 2000s, and decreased 0.2 percent from December, the Central Department of Statistics said.Food and beverage prices sank 4.2 percent from a year earlier in January partly because of a strong U.S. dollar, to which the Saudi riyal is pegged.Pressure for prices to rise is expected to increase within months, however.
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