DUBAI, Sept 15 (Askume) – Saudi Arabia’s annual inflation rate rose to 1.6% in August from 1.5% in July, government data showed on Sunday, due to higher housing rents and food prices.
According to data from the General Bureau of Statistics, house rents rose 10.7% in August, while the total price of housing, water, electricity, gas and other fuels rose 8.9%.
Inflation remained steady at 1.5% in June and July, mainly due to rising apartment rents.
August data showed that food and beverage prices rose by 0.9%, a higher increase than in recent months, with vegetable prices rising by 4.6%.
Prices rose in the restaurants and hotels category and the education sector, while prices fell 3.4% in the transportation subcategory and 3.5% in the furniture and appliances sector.
From a month-on-month perspective, prices rose 0.1% in August.
Inflation in Saudi Arabia has been relatively low this year compared to global levels.
The International Monetary Fund estimates in its latest country report that Saudi Arabia’s average inflation rate will be 1.9% in 2024 and 2% in 2025.
