Inflation rate in Saudi Arabia rises to 1.9 percent last month amid increasing housing costs
Date
11/14/2024 8:06:49 AM
(MENAFN) Saudi Arabia's annual inflation rate stood at 1.9 percent in October compared to the same month in the previous year, largely driven by rising housing costs, according to data from the General Authority for Statistics. The country’s inflation rate reflects a significant rise in housing-related expenses, which increased by 11.6 percent year-on-year. Specifically, apartment rents saw a rise of 11.3 percent, contributing heavily to the overall price increases.
In addition to housing costs, the broader category of housing, water, electricity, gas, and other fuels also experienced a 9.6 percent year-on-year rise in October 2024. This surge in living expenses, particularly in the housing sector, has been a key factor in the higher inflation numbers. Despite this, the inflation rate in Saudi Arabia remains relatively low compared to other countries in the Middle East, showcasing the country’s effective economic management.
Saudi Arabia's inflation rate continues to be among the lowest in the region, a testament to the government's successful efforts to stabilize the economy amid global price fluctuations. The country has implemented various measures to keep inflation under control and ensure that price increases do not undermine economic stability. This approach has helped mitigate the impact of global inflationary pressures, especially in essential sectors like housing and utilities.
A recent World Bank report further underscores Saudi Arabia’s economic resilience, forecasting that the Kingdom’s inflation will remain stable in the coming years. The World Bank projects Saudi Arabia's inflation rate will be 2.1 percent in 2024 and 2.3 percent in 2025, both of which are lower than the average inflation rate within the Gulf Cooperation Council (GCC). This positions Saudi Arabia as one of the more economically stable nations in the region, supporting long-term growth and fiscal health.
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