According to the most recent data, Saudi Arabia’s annual inflation rate increased to 1.5% in June of this year compared to the same month the previous year, mostly due to growing housing costs.
The General Authority for Statistics’ report made clear that the inflation rate was greatly impacted by the 8.4% increase in the cost of housing, water, and electricity as well as gas and other fuels.
The real estate market witnessed a 10.1% growth in rent, with villa rentals experiencing a 7.9% increase. The inflation rate was significantly impacted by this category’s large weight in the overall index.
Despite being impacted by internal factors like housing and gasoline prices, Saudi Arabia’s inflation rate is still quite low when compared to other Gulf Cooperation Council nations, whose inflationary pressures have varied according to various economic policies and market conditions.
The GASTAT data states that prices for food and beverages increased by 1.1 percent, driven by a 6.5 percent increase in the cost of vegetables. A 9.8 percent increase in lodging services drove a 2.4 percent increase in restaurant and hotel charges.
The 1.1 percent increase in the education sector was mostly caused by a 4.1 percent increase in the cost of intermediate and secondary education.
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