Saudi Nov inflation reaches 1.7pc

RIYADH, Dec 15 (Arab News): Saudi Arabia experienced a subtle shift in its inflation rate in November, reaching 1.7 per cent, slightly higher than the 1.6 per cent recorded in October, according to official data.
The latest report from the General Authority for Statistics revealed that the marginal increase in inflation was propelled by the prices of housing, water, electricity, gas, and other fuels, which rose by 1.3 per cent in November compared to the previous month.
"Prices for rents were the main driver of the inflation rate in November 2023 due to their high relative importance in the Saudi consumer basket with a weight of 21 per cent," stated GASTAT in the report.
In comparison to October, expenses for restaurants and hotels increased by 0.6 per cent in November, while prices for personal goods and services saw a 0.2 per cent increase.
GASTAT added that expenses for transport witnessed a decline of 0.6 per cent in November compared to the previous month.
Prices of food and beverages dropped by 0.1 per cent month-on-month in November, while furnishings, household equipment and maintenance expenses slipped by 0.5 per cent in the same period, according to the report.
However, Saudi Arabia's overall inflation rate increased by 1.7 per cent in November compared to the same month of the previous year.
The annual rise in inflation was attributed to housing rental costs, which soared by 9.4 per cent in November.
In comparison to November 2022, food and beverage prices in November of this year increased by 1.4 per cent, while expenses for restaurants and hotels rose by 2.3 per cent.