Saudi inflation slows to 1.7% in October, lowest in six months

Data from the General Authority for Statistics on Sunday showed that Saudi Arabia's Consumer Price Index (inflation rate) rose by 1.7% year-on-year in October.

Inflation in the Kingdom slowed last month to its lowest level since April—six months—after recording 1.9% in September and holding steady at 1.8% from May to August.

The authority attributed the 1.7% year-on-year increase in October mainly to higher prices for housing, water, electricity, gas and other fuels, which rose by 3.5%, food and beverages by 1.1%, and transport by 2.3%.

Prices in the housing, water, electricity, gas and other fuels category rose 3.5% due to a 3.5% increase in actual housing rents. This was followed by the insurance and financial services sector, which also rose 3.5%, driven by a 6.5% increase in insurance services. The recreation, sport and culture sector rose 2.7%, driven by a 4.6% increase in holiday package prices, while the transport sector increased 2.3%, mainly due to a 9.5% rise in passenger transport services.

On the other hand, prices for furniture, household equipment and routine home maintenance fell by 0.5%, while clothing and footwear prices declined by 0.2%.