The Saudi Central Bank (SAMA) has forecast another round of inflation for the kingdom in the fourth quarter of the current year.
The bank cited jumps in global inflation levels and a strengthening of domestic demand as contributors to the rise in consumer prices.
On a quarterly basis, however, the country’s inflation in this year’s last quarter will be relatively stable, SAMA added. As for 3Q 2021, the Kingdom recorded an average yearly inflation rate of 0.4 percent.
This was mainly the result of higher prices of transportation, as they increased by 6.7 percent year-on-year. It was followed by a 2.7 percent inflation in costs of communication and a 1.8 percent rise in prices of food and beverages.
On the other hand, prices dropped for education and the index of housing, water, electricity, gas and other fuels compared to last year. Clothing and footwear prices also went down.