Saudi inflation slows to 1.7% in October, lowest in six months
Saudi Arabia's annual inflation rate eased to 1.7% in October, its lowest level in six months, according to official data released Sunday.
In a significant development for the Saudi Arabian economy, the annual inflation rate slowed to 1.7% in October, marking the lowest level in six months, according to official figures released on Sunday. The General Authority for Statistics reported that the Consumer Price Index (CPI) increased by 1.7% year-on-year in October, down from 1.9% in September and 1.8% from May to August. This decline in inflation marks the lowest level since April.
The primary factors contributing to the 1.7% year-on-year increase in October were higher prices for housing, water, electricity, gas, and other fuels, which rose by 3.5%. Food and beverages also experienced a modest increase of 1.1%. Additionally, transport prices climbed by 2.3%. Notably, housing rents saw a significant jump of 3.5%, insurance services increased by 6.5%, and holiday package prices rose by 4.6%, driving the inflation in the recreation, sport, and culture sector to 2.7%.
On the downside, prices for furniture, household equipment, and routine home maintenance decreased by 0.5%, while clothing and footwear prices fell by 0.2%.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
