Saudi Arabia's Annual Inflation Rate Holds Steady at 2% in February
Consumer Price Index shows consistent inflation driven by housing and food costs.
Data released by the General Authority for Statistics in Saudi Arabia indicates that the annual inflation rate remained unchanged at 2% in February, consistent with the rate recorded in January.
The Authority attributed the inflation in the Consumer Price Index to a 7.1% increase in housing, water, electricity, gas, and other fuels, alongside a 1% rise in food and beverage prices.
Additionally, prices of miscellaneous goods and services rose by 3.9%.
Conversely, the transportation sector experienced a decline, with prices dropping by 1.5%.
Throughout the past year, Saudi Arabia's annual inflation rate has fluctuated between 1.5% and 2%, predominantly influenced by housing rental prices.
The Consumer Price Index increased by 0.2% in February compared to the previous month.
Relative to global standards, Saudi Arabia's inflation rates remain relatively low.
The International Monetary Fund forecasts that the annual inflation in the kingdom will stabilize at approximately 2% over the medium term.
The Authority attributed the inflation in the Consumer Price Index to a 7.1% increase in housing, water, electricity, gas, and other fuels, alongside a 1% rise in food and beverage prices.
Additionally, prices of miscellaneous goods and services rose by 3.9%.
Conversely, the transportation sector experienced a decline, with prices dropping by 1.5%.
Throughout the past year, Saudi Arabia's annual inflation rate has fluctuated between 1.5% and 2%, predominantly influenced by housing rental prices.
The Consumer Price Index increased by 0.2% in February compared to the previous month.
Relative to global standards, Saudi Arabia's inflation rates remain relatively low.
The International Monetary Fund forecasts that the annual inflation in the kingdom will stabilize at approximately 2% over the medium term.
Translation:
Translated by AI
