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Saudi Arabia’s annual inflation rate rose to 1.6 percent in August from 1.5 percent in July, data from the General Authority for Statistics showed on Sunday..
The authority said in a statement, “This is mainly due to the increase in the prices of the housing, water, electricity, gas and other fuels section by 8.9 percent, and the prices of the food and beverages section by 0.9 percent.”».
According to the authority’s data, actual housing rents rose by 10.7 percent in August..
Inflation remained at 1.5 percent in June and July..
August data showed the increase in food and beverage prices was due to a 4.6 percent rise in vegetable prices..
The Authority’s statement added, “The restaurants and hotels sector recorded a 1.5 percent increase… while the education sector recorded a 1.6 percent increase.”».
The data showed that transportation prices fell by 3.4 percent, while “home furnishings and equipment prices” also fell by 3.5 percent.».
On a monthly basis, prices increased by 0.1 percent in August..
Inflation has remained relatively low in Saudi Arabia this year compared to global levels..
In its latest report on the Kingdom, the International Monetary Fund expected average inflation in Saudi Arabia to reach 1.9 percent in 2024 and 2 percent in 2025..
