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RIYADH (Reuters) – Saudi Arabia’s annual inflation rate continued to accelerate slowly, reaching 2 percent in November compared with 1.9 percent in October, according to government data released on Sunday, again boosted by a rise in housing rents.
Residential rents rose by 10.8 percent in November, while apartment rental prices rose by 12.5 percent, the General Statistics Office said, pushing prices for the combined category of housing, water, electricity, gas and other fuels up by 9.1 percent.
These categories had a significant impact on the overall acceleration of inflation, with rising housing costs and rents driving up prices for much of this year.
Prices in the category of food and beverages increased in November by 0.3%, while prices of personal goods and services increased by 2.7%.
Prices in the category of restaurants and hotels increased by 1.5%, due to the increase in prices of hotel and apartment services by 5.9%.
Transportation prices continued to fall, falling by 2.5%.
On a monthly basis, prices rose by 0.3% in November.
Inflation in Saudi Arabia hovered between 1.5% and 1.9% for most of the year, reaching 2% in November after starting to rise in July.
Inflation in the country has remained relatively low compared to global levels, and the International Monetary Fund expects Saudi inflation to remain stable at around 2% over the medium term.
