DUBAI: Saudi Arabia’s annual inflation rate dropped to 1.5% in December, from 1.7% the previous month, government statistics showed on Monday, led by housing rent rises.
Saudi inflation in December: According to the General Authority for Statistics, housing rents rose by 9% in December, contributing to a 7.5% increase in the cost of housing, water, electricity, gas and other fuels.
December saw increases in the cost of food and drink by 1.2% and lodging and dining by 2.5%, while apparel, home goods and transportation saw declines in cost.
The Statistics Authority also revealed that the average annual inflation rate in 2023 was 2.3%, which was less than the 2.6% government predictions. This was mostly due to increases in the costs of food and beverages by 1.4% and housing and utilities by 7.9%.
Saudi Arabia’s inflation rate was comparatively low in 2018 when compared to worldwide rates, thanks to measures taken by the government to mitigate the effects of price hikes abroad.
