Saudi Arabia's annual inflation rate inched up to 1.6% in August, from 1.5% in July, government data showed on Sunday, driven by an increase in housing rents and food prices.
On a month-on-month basis, prices increased 0.1% in August © Mena Today
Saudi Arabia's annual inflation rate inched up to 1.6% in August, from 1.5% in July, government data showed on Sunday, driven by an increase in housing rents and food prices.
Housing rents rose by 10.7% in August, weighing on the overall rise in prices of housing, water, electricity, gas, and other fuels by 8.9%, according to the General Authority for Statistics.
The inflation rate had held steady at 1.5% in June and July, underpinned mostly by apartment rents.
In August data showed that food and beverage prices rose 0.9%, a bigger increase than in recent months, driven by a 4.6% rise in vegetable prices.
Prices in the restaurants and hotels category, as well as the education sector, also rose, while prices in the transport sub-category fell by 3.4% and those in the furnishing and home equipment sector declined 3.5%.
On a month-on-month basis, prices increased 0.1% in August.
Inflation has remained relatively low in Saudi Arabia this year compared with global levels.
In its latest country report, the International Monetary Fund forecast Saudi inflation will average 1.9% in 2024 and 2% in 2025.
Reporting by Rachna Uppal
Russia's Foreign Ministry said on Tuesday that a deal reached with Syria on the future of Moscow's military bases in the country would boost ties between the nations, and a Syrian source said some Russian forces would still be stationed there under the agreement.
Lebanon's parliament on Tuesday abolished the death penalty and replaced all existing death sentences with life imprisonment, the speaker's office said in a statement.
U.S. President Donald Trump accused Iran of being "devious negotiators" in an interview released late on Monday and described some of his current options in the war — "just bop along" and let Tehran fail economically or hit them "really, really hard."
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.