Saudi inflation eases further in August to 2%-govt data


Dubai (Reuters) – Saudi Arabia’s annual inflation eased to 2% in August, from 2.3% the previous month, government data showed on Thursday, continuing its downwards trend this year.

The main driver of inflation remained increasing housing rents which rose 10.8%, weighing on overall higher prices of housing, water, electricity, gas, and other fuels which grew 9%, the General Authority for Statistics reported.

Food and beverage prices, the leading driver for price increases for much of last year, ticked up 0.4%, and transport prices grew 0.5%, while prices for clothing and footwear, and furnishings and household equipment decreased.

The IMF projects headline inflation to average 2.8% in 2023, before easing to 2.3% in 2024.

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