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Writer's pictureSAUDI ARABIA BREAKING NEWS

Saudi Arabia’s Inflation Rate Edges Up To 1.9% In October


Saudi Arabia’s Inflation Rate Edges Up To 1.9% In October

Riyadh, November 14, 2024 (Saudi Arabia Breaking News) – Saudi Arabia’s annual inflation rate continued to edge up in October to 1.9% from 1.7% in September, according to government data released on Thursday, driven by an increase in housing rents.

 

Rents for housing rose by 11.6% in October, with apartment rents up 11.3% the General Authority for Statistics said, pushing up prices for the combined Housing, Water, Electricity, Gas and Other Fuels category by 9.6%.

 

The category carries a significant weight in the overall basket measuring inflation. Rental prices hikes, especially in the bigger cities like Riyadh, have been the key factor behind inflation in Saudi Arabia for much of this year.

 

Prices in the food and beverage category rose by 0.1% in October and increased by 2.3% for personal goods, led by an almost 25% increase in jewelry and watches prices.

 

Prices in the restaurants and hotels category also rose.

 

On a month-on-month basis, prices increased 0.3% in October.

 

Transportation costs continued to fall in October.

 

While inflation has remained relatively low in Saudi Arabia this year compared with the global events, it has been inching upwards since July. The International Monetary Fund expects Saudi Inflation to remain stable at about 2% over the medium term.

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