RIYADH: The prices of construction materials in Saudi Arabia jumped to record levels in July 2021 on an annual basis.

Based on the nature of construction materials, the price hike ranged between 4 percent and 40 percent, Al-Watan newspaper reported.

The price of a ton of national 18 mm steel rebar increased to SR3,505.45 ($935) up by 29.39 percent during July 2021.

Similarly, the price of one meter of national 2.5 mm electric wire increased by 34.15 percent. Romanian wood witnessed the biggest jump in prices, as it increased by 40.7 percent year-on-year.

The price hike occurred despite a rise in imports to more than SR13 billion. Saudi banks provided about SR13.607 billion to the private sector to finance imports of building materials during the first seven months of this year, compared to SR13.442 billion during the same period last year — a 1.3 percent increase, equivalent to SR165 million.

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