S. Arabia’s annual inflation hits 2% in Nov. ’24

Saudi Arabia’s annual inflation rate reached 2.0 per cent in November 2024, driven by higher housing, water, electricity, gas, and fuel prices, which surged by 9.1 per cent, along with a 2.7 per cent increase in personal goods and services. In contrast, transport prices dropped by 2.5 per cent.

Rental prices were the primary driver of inflation, with housing rents rising 10.8 per cent due to a 12.5 per cent increase in apartment rental prices, a category that accounts for 25.5 per cent of the inflation index.

Moreover, jewelry, watches, and precious antiques also contributed 23.7 per cent to price rise, while food and beverages edged up by 0.3 per cent, largely due to a 1.9 per cent increase in meat and poultry prices.

On the other hand, prices for furnishing and home equipment fell by 2.9 per cent, and clothing and footwear declined by 2.3 per cent.

On a monthly basis, inflation showed relative stability, rising by 0.3 per cent compared to October 2024. Housing and fuel prices increased by 0.9 per cent, driven by a 1.0 per cent rise in housing rents, while personal goods and services prices rose by 0.5 per cent, supported by a 6.5 per cent hike in insurance services. Several sectors, including transportation and education, recorded no significant monthly change.

Attribution: CPI Nov 2024-EN

Subediting: M. S. Salama

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