RIYADH: Saudi Arabia’s inflation rate remained relatively stable in April, with consumer prices rising 1.7 percent year on year.
Data released by the Kingdom’s General Authority for Statistics showed the Consumer Price Index edged up 0.2 percent month on month in April, reflecting moderate increases across several categories including food, housing and transportation.
The housing, water, electricity, gas and other fuels category remained the largest contributor to annual inflation, with prices rising 3.8 percent from a year earlier. The increase was primarily driven by a 4.8 percent rise in actual housing rents.
Compared with neighboring Gulf economies, Saudi Arabia’s inflation rate remained relatively contained. Kuwait recorded annual inflation of 2.06 percent in March, while Qatar’s latest inflation reading stood at 2.51 percent in February. Bahrain posted annual inflation of 1.1 percent in March.
In its latest report, GASTAT highlighted some of the areas of declining costs, stating that “the prices of furnishings, household equipment and routine household maintenance decreased by 0.5 percent affected by the decline in the prices of furniture, furnishings and loose carpets by 1.9 percent.”
