DUBAI: Saudi Arabia’s inflation rate was 2.8% in May, slightly higher than 2.7% the previous month, driven by housing costs, government date released on Thursday showed.
Higher prices of housing, water, electricity, gas, and other fuels rose by 8.4% in May, year-on-year, while the food and beverage sector - the leading driver for inflation during much of 2022 - rose by 0.9%, the General Authority for Statistics data showed.
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“Prices for rents were the main driver of the inflation rate in May 2023 due to their high relative importance in the Saudi consumer basket (with a weight of 21.0%),” a statement said. Actual rents for housing rose by 9.9% in May, with rents for apartments rising by 23.7%.
Prices for restaurants and hotels increased by 5% and for recreation and culture by 3.8%. Consumer prices increased by 0.2% month on month. Inflation in Saudi Arabia has been on a downward trend this year, from 3.4% in January.
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