Saudi Gazette report

RIYADH — The inflation rate in Saudi Arabia recorded a slight increase in November 2023 against the backdrop of rising prices of housing, water, electricity, food and beverages, gas, and some other types of fuel. The inflation rate rose to 1.7 percent in November from 1.6 percent in the previous month of October.

However, the inflation rate remained near the lowest level in nearly two years. The rate of 1.6 percent, recorded last month, was the same rate recorded in February 2022, according to the latest statistical figures released by the General Authority for Statistics (GASTAT).

The authority said in its monthly bulletin that actual housing rents, which have a high relative weight in the consumer basket, rose by 9.4 percent in November, and apartment rental prices rose by 12.8 percent. The report indicated that the prices of food and beverages rose by 1.4 percent due to the increase in the prices of milk, dairy products, and eggs, while the prices of clothing and shoes decreased by 4.1 percent, affected by the decrease in the prices of ready-made clothing. On a monthly basis, inflation reached 0.2 percent in November compared to its level in the previous month.

It is noteworthy that the inflation rate recorded a slight increase after it registered a steady decline for the fifth month in a row in October compared to the same month last year. The percentage change in inflation continued to decline over the last five months, from 2.8 percent in May to 2.7 percent in June, 2.3 percent in July, 2 percent in August, 1.7 percent in September and 1.6 percent in October.

The stability in the inflation rate reflects the strength of the Saudi economy and the effectiveness of the economic procedures and measures that were implemented at a fast pace