Saudi Arabia’s Inflation Rate Falls for Second Straight Month
Introduction
Government data showed on Tuesday that Saudi Arabia’s annual inflation rate fell for the second straight month to 2.3% in July from 2.7% in June.
Reasons for Price Increase
The General Department of Statistics said that the increase in prices was mainly due to an increase in prices for housing, water, electricity, gas and other fuels by 8.6%, and food and beverages by 1.4%.
Price Changes in Specific Categories
Housing, water, electricity, gas and other fuel prices rose 0.3% from June, when they rose 9.1% year on year. Prices for food and beverages rose by 0.4% compared to June.
Prices for clothing and footwear in July fell by 3.9% year on year and 0.8% month on month. Prices for furniture and home equipment fell 2.5% year on year and 0.3% month on month.
Declining Inflation
Inflation in Saudi Arabia has continued to decline since the beginning of the year, when it stood at 3.4% in January.
