Saudi Arabia’s annual inflation rate increased to 1.8 per cent in February, up from 1.6 per cent in the previous month, driven by higher housing rents, according to latest report by the General Authority for Statistics (GASTAT) on Thursday.
Housing, water, electricity, gas, and other fuels saw an 8.5 per cent price increase compared to the previous year. Housing rents alone rose by 10 per cent, accounting for about a fifth of the consumer price basket.
Food and beverage prices rose by 1.3 per cent in February, with vegetable prices increasing by 7.6 per cent ahead of the start of Ramadan on March 11.
Prices for restaurants, hotels, recreation, and culture also went up, while transport prices fell by 0.9 per cent due to a decline in car sales. Clothing and footwear prices dropped by four per cent.
Despite global price increases, Saudi Arabia has maintained relatively low inflation levels, thanks to government policies. The impact of shipping disruptions in the Red Sea has been minimal so far.
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