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January 2008 | Ratings Update

Inflation remains a major concern - the CPI rose by 13.7% y-o-y in Q307 - and the authorities are feeling under pressure to cushion the effect of price increases on the general public. The depreciation of the riyal against the euro has added to the rising cost of food imports and the government is reportedly considering the introduction of food subsidies (bakeries are already receiving flour at subsidised prices).

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