RIYADH: Saudi Arabia’s annual inflation rate ticked up to 2.3 percent in August from 2.1 percent in July, with housing rents continuing to do most of the lifting, official data showed.
According to the General Authority of Statistics, the housing, water, electricity, gas, and other fuels division rose 5.8 percent year on year, driven by a 7.6 percent increase in actual rentals — the biggest single contribution to headline inflation because housing carries the largest weight in the Consumer Price Index basket.
While insurance and financial services posted the fastest annual increase at 8.1 percent according to the report, its smaller weight means it adds less to the overall index than housing.
Beyond rents, personal care, social protection and other goods and services rose 4.8 percent year on year, with restaurants and accommodation up 3 percent, nad recreation, sport and culture up 2.7 percent.
Transport saw a 1.2 percent rise.
