RIYADH: Saudi Arabia’s annual inflation rate edged up to 1.8 percent in May with housing rents continuing to drive price gains in the Kingdom, official data showed.
According to the latest report released by the General Authority for Statistics, the Kingdom’s Consumer Price Index edged up 0.2 percent month on month in May, reflecting moderate increases across several categories, including food, housing and transportation.
Compared with neighboring Gulf economies, Saudi Arabia’s inflation rate remained relatively contained. Kuwait recorded annual inflation of 2.57 percent in April, while Qatar’s latest inflation reading stood at 2.62 percent.
In its latest report, GASTAT stated the latest increase was “mainly driven by a rise in housing, water, electricity, gas, and other fuel prices by 3.7 percent, transport prices by 1.5 percent, and prices of restaurant and accommodation services by 1.7 percent.”
The figures showed that actual housing rents increased by 4.7 percent, underscoring continued demand for residential properties in the Kingdom.
