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
French, Saudi Arabian and American officials will hold talks with the head of the Lebanese army on Thursday in Paris aimed at finalising a roadmap to enable a mechanism for the disarmament of the Hezbollah group, diplomats said.
The brother and lawyer of Iranian human rights activist and Nobel Peace Prize laureate Narges Mohammadi said on Tuesday they have no information on her whereabouts or health, four days after her arrest.
Dubai Airports has entered the winter travel season with one of its strongest networks to date, as Dubai International (DXB) and Dubai World Central – Al Maktoum International (DWC) welcome new airlines and expanded services to meet rising seasonal demand.
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.