Saudi inflation steady at 2.7% in April, driven by housing

SAUDI Arabia’s annual inflation rate was 2.7 per cent in April, unchanged from the previous month, driven mostly by housing rental costs, government data released on Monday showed.

Housing, water, electricity, gas, and other fuels rose by 8.1 per cent from a year earlier, while the food and beverage sector – the leading driver for inflation during much of 2022 – rose by 1 per cent, the data from the General Authority for Statistics showed.

Overall rents for housing grew 9.6 per cent in April 2023. Apartment rents gained 22.2 per cent following a similar rise in March.

Within the food sector, milk, milk products and eggs rose by almost 11 per cent.

Consumer prices were up 0.4 per cent in April from March, the statistics authority said.

The inflation outlook for the Gulf countries is muted compared to that expected in many major economies, a Reuters poll found.

SEE ALSO

Thai central banker signals more hikes to win inflation fight

For the full year, it forecast the region’s inflation would be between 2.1% and 3.3% and decrease further in 2024. REUTERS