#Saudi inflation continues to ease in October to 1.6% | Reuters

Saudi inflation continues to ease in October to 1.6% | Reuters

Saudi Arabia's annual inflation rate eased to 1.6% in October, from 1.7% the previous month, government data showed on Wednesday, with housing rents once again the main driver.

Prices of housing, water, electricity, gas, and other fuels rose 7.8% in October, pushed higher by an increase in overall housing rents of 9.3% of which rents for apartments rose almost 15%, the General Authority for Statistics reported.

Prices for food and beverages, which had been the main driver of inflationary pressures for much of 2022, rose 0.8% in October, although restaurants and hotel prices rose almost 2% due to an increase in catering services prices.

Inflation has been slowly easing in Saudi Arabia this year has remained relatively contained compared to global inflation levels, in part due to government policies to manage price hikes.

The government has forecast inflation at 2.6% for 2023 before easing to 2.2% in 2024.