Scotland Times

Wednesday, Oct 16, 2024

The inflation recorded a decrease of 0.1 percent in October from 1.7 percent in September this year.

Inflation continues to fall for the 5th month in a row, posting 1.6% in October

Saudi Arabia's Consumer Price Index (CPI) or inflation rate has been steadily declining for five consecutive months, reaching 1.6% in October compared to the same month last year.

This rate marks the lowest inflation since February 2022 and represents a slight decrease from the 1.7% recorded in September.

The downward trend in inflation has been ongoing throughout the year, with the CPI decreasing from 2.8% in May to 1.6% in October. This trend indicates the slowest pace of inflation in 16 months.

The CPI, which consists of 490 items, is used to measure changes in the prices paid by consumers for a fixed basket of goods and services. Data from the General Authority for Statistics (GASTAT) revealed that housing rents, particularly apartment rentals, saw a significant increase of 9.3% in October.

This rise in housing costs, holding a large weight of 21% in the CPI, notably influenced the annual inflation rate for the month. Additionally, food and beverage prices increased by 0.8%, driven by a 4.4% rise in the prices of milk, dairy products, and eggs.

The continued stability in Saudi Arabia's inflation rate reflects the strength of its economy and the effectiveness of economic policies and measures implemented to counter global inflationary pressures. The Kingdom's proactive approach in addressing rising global inflation rates has contributed to this stability.

Newsletter

Related Articles

Scotland Times
0:00
0:00
Close
UK Island Orkney council to look at proposals to become territory of Norway
Woman Awarded Over £100,000 After Being Fired for Transgender Tweet
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
A Real woman
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Double standards: UK lawmakers attack EU chief over Ireland claims
Democracy? Not for UK. UK PM rejects Scottish independence referendum, cancel democracy in BVI
UK urged to brace for economic storm
Women's own body dissatisfaction appears to influence their judgment of other women's body sizes
Prince William To Move Family Into Cottage Near Queen Elizabeth II
BOOOOOOS: Tony Blair receives royal honour
Captured Britons sentenced to death in Ukraine
Barbados PM Mia A. Mottley among Time Magazine’s 100 Most Influential People
Today's headlines
"Just One Of the Boys In School:" Years That Shaped Prince Charles
BVI Premier Rubbishes Claim Of Causing COI Delay
Comments on "Human Intelligence in a Digital Age" - A brilliant Speech by MI6 Chief Richard Moore, and the elephants neglected in the room
Bitcoin: BoE Deputy Gov wants to cancel democracy and protect the banks with regulations which infringe on people’s freedom, independence and benefits they get from their own money.
What are the Pandora Papers?
Taiwan-China relations at their 'worst in 40 years'
The attempt to hold Epik.com accountable for the content of its clients' websites is like blaming Gutenberg for the NYT's fake news that dragged the US into the pointless war against the nuclear weapons Iraq never had
×