Saudi Arabia’s inflation rate has slowed down to 3 percent in October, compared to 3.1 percent in September, this year so far.
The drop in inflation rate was seen for the first time since May 2021, data released by the General Authority for Statistics (GASTAT) showed on Tuesday. Annually, the inflation rose by 3 percent compared to the same period last year.
GASTAT attributed the rise in annual inflation to an increase in food and beverage prices by 4.4 percent, and a hike in rates of housing, water, electricity, gas, and other fuels by 3.3 percent.
The food and beverage category was affected by the rise in food prices by 4.6 percent, which was affected by the increase in meat and poultry prices by 6.1 percent. In addition, the rise in the same category had an impact on the rise in annual inflation in October due to its weight in the index, which represents 18.8 percent.
GASTAT data also showed that the housing, water, electricity, gas, and other fuels segment were affected by the 3.7 percent increase in housing rent.
According to the data, the consumer price index in October recorded a slight increase of 0.2 percent, compared to September as monthly inflation index was affected by the rise in the housing, water, electricity, gas, and other fuels and food divisions by 0.9 percent, which in turn was affected by the rise in housing rent rates by 1.1 percent.
Follow us on
