RIYADH: According to official data, Saudi Arabia’s annual inflation rate increased to 1.6% in August from the previous month due to rising housing costs.
The General Authority for Statistics reports that actual housing rents increased by 10.7 percent in August compared to the same month last year, with flat rents rising by 10.8 percent.
Saudi Arabia continues to have some of the lowest rates of inflation in the Middle East and North Africa, which is a result of the Kingdom’s aggressive efforts to stabilise the economy and lessen the impact of pressure on prices around the world.
According to GASTAT, “given the weight this group represents 21 percent, the increase in this category (housing) had a significant impact on maintaining the annual inflation rate for August 2024.”
Considering the Kingdom’s proactive efforts to stabilise the economy, Saudi Arabia continues to have one of the lowest rates of inflation in the Middle East and North Africa (MENA).
The Kingdom’s Wholesale Price Index increased by 3.2% in August compared to the same month in 2023.
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