New Release: Saudi Arabia’s Annual Inflation Rate Steady at 1.6 Percent for Third Month in a Row
In May, the annual inflation rate in Saudi Arabia remained steady at 1.6 percent for the third consecutive month. Rising housing rents were the primary driver of this stability, with actual housing rents increasing by 10.5 percent compared to the previous year, largely influenced by a 14.3 percent rise in apartment rents.
According to the General Authority for Statistics, prices in the housing, water, electricity, gas, and other fuel sectors saw an overall increase of 8.7 percent compared to the previous year. In terms of specific divisions, the food and beverage sector experienced a 1.4 percent increase in prices on an annual basis, while the hotels and restaurants division recorded a 2.5 percent increase, primarily driven by a 1.9 percent rise in catering service prices. Conversely, prices in the clothing and shoes division decreased by four percent, with ready-made clothing prices dropping by 6.9 percent. Vehicle purchase prices also fell by 4.1 percent, leading to a 2.4 percent decline in transportation department prices.
On a monthly basis, prices saw a slight uptick of 0.2 percent compared to April, but inflation in the Kingdom has remained below two percent since the beginning of the year, indicating relative stability compared to global levels. This has been attributed to government policies that help mitigate the impact of global price increases.
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