RIYADH: According to government data, increasing housing expenses were the main driver of Saudi Arabia’s November annual inflation rate, which was steady at 2% when compared to the same month in 2023.
The General Authority for Statistics issued data showing that apartment rental prices rose 12.5 percent in November, while home rents rose 10.8 percent year over year. The 9.1% increase in overall housing, water, electricity, gas, and other fuel expenses over the prior year highlighted the sector’s impact on inflation.
Because of the Kingdom’s successful efforts to preserve economic stability and combat global price pressures, Saudi Arabia continues to have one of the lowest rates of inflation in the Middle East and the world.
According to a World Bank assessment published in October, Saudi Arabia’s inflation rate is expected to stay stable at 2.1 percent in 2024 and 2.3 percent in 2025, far lower than the average for the Gulf Cooperation Council.
“The weight formed by this section, which amounted to 25.5 percent, had a significant impact on the continuation of the annual inflation pace for November 2024,” according to GASTAT.
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