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.