RIYADH: Higher housing costs were the main cause of Saudi Arabia’s October annual inflation rate, which was 1.9% higher than it was in the same month the previous year, according to government figures. The General Authority for Statistics reports that apartment rents increased by 11.3 percent annually, while actual housing rents increased by 11.6 percent. In comparison to the same period in 2023, overall housing, water, electricity, gas, and other fuel costs increased by 9.6%.
Because of the country’s successful efforts to stabilize the economy and lessen pressure on prices around the world, Saudi Arabia continues to have one of the lowest rates of inflation in the Middle East. Saudi Arabia’s economic resiliency was highlighted in a World Bank report last month, which predicted that the Kingdom’s inflation rate will be stable at 2.1 percent in 2024 and 2.3 percent in 2025, below the average for the Gulf Cooperation Council.
“Due to the weight that this section (housing) formed, which was 25.5 percent, the increase in this section had a significant impact on the continuation of the annual inflation pace for the month of October 2024,” GASTAT said.
The survey also noted that the cost of jewelry, watches, and valuable antiques increased by 24.1 percent in October, accounting for the majority of the 2.3 percent increase in prices for personal goods and services. Education prices increased by 1.1 percent annually, while restaurant and hotel charges increased by 1.9 percent. Vegetable prices increased by 2.6 percent in October, contributing to a minor 0.1 percent increase in food and beverage prices.
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