Saudi Arabia's inflation reaches 2% in November
RIYADH - Saudi Arabia's annual inflation rate continued to slowly accelerate, hitting 2% in November compared to 1.9% in October, according to government data released on Sunday, again driven by an increase in housing rents.
These categories had a significant impact on the overall acceleration of inflation, with the rising cost of housing and rent driving price increases for much of this year. Prices in the restaurants and hotels category rose by 1.5%, driven by a 5.9% increase in the prices for hotel and furnished apartment services.On a month-on-month basis, prices increased by 0.3% in November.
Inflation in the country has remained relatively low compared with global levels, and the International Monetary Fund expects Saudi inflation to remain stable at about 2% over the medium term.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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