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.
Prices in the food and beverage category rose by 0.1% in October and increased by 2.3% for personal goods © Mena Today
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 price 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 jewellery 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 global levels, it has been inching upwards since July. The International Monetary Fund expects Saudi inflation to remain stable at about 2% over the medium term.
Reporting by Rachna Uppal
In a landmark transaction for India’s banking industry, Middle Eastern banking giant Emirates NBD has announced the acquisition of a 60% stake in RBL Bank, a prominent Indian private sector lender, for $3.05 billion.
Saudi Arabia’s Finance Minister Mohammed Al-Jadaan declared Saturday that the international community is rallying behind Syria following the ouster of President Bashar al-Assad in December 2024, ending over a decade of isolation and conflict.
The Middle East, North Africa (MENA) region and Pakistan are experiencing stronger-than-expected economic growth in 2025, according to the International Monetary Fund (IMF).
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.