According to government data, the annual inflation rate in Saudi Arabia remained steady at 1.6 percent for the third consecutive month in May. The main driver of this inflation was attributed to rising housing rents, with actual rents increasing by 10.5 percent compared to the previous year. This increase was largely influenced by a 14.3 percent rise in apartment rents, as reported by the General Authority for Statistics.
In terms of pricing sectors, prices in housing, water, electricity, gas and other fuel sectors saw an overall increase of 8.7 percent compared to the previous year. The food and beverage division experienced a 1.4 percent increase in prices on an annual basis, while the hotels and restaurants division recorded a 2.5 percent increase, mainly due to a 1.9 percent rise in the prices of catering services. Conversely, the prices of clothing and shoes decreased by four percent driven by a six-percent drop in ready-made clothing prices while vehicle purchase prices fell by 4.1% leading to a two-percent decrease in transportation department prices In May alone there was a slight increase of 0.2% compared to April.
Despite global price increases, inflation in Saudi Arabia has remained relatively low since the beginning of the year standing at less than two percent due to government policies that have helped mitigate its impact.
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