Saudi inflation continues to ease in October to 1.6%

Saudi Arabia’s annual inflation rate eased to 1.6% in October, from 1.7% the previous month, government data showed on Wednesday, with housing rents once again the main driver.

Prices of housing, water, electricity, gas, and other fuels rose 7.8% in October, pushed higher by an increase in overall housing rents of 9.3% of which rents for apartments rose almost 15%, the General Authority for Statistics reported.

Prices for food and beverages, which had been the main driver of inflationary pressures for much of 2022, rose 0.8% in October, although restaurants and hotel prices rose almost 2% due to an increase in catering services prices

Source: Zawya