Dubai, UAE – Saudi Arabia’s annual inflation rate fell to 2.9 percent in November from 3 percent in October, according to government data released on Thursday.
Saudi Arabia’s General Authority for Statistics reported that consumer prices increased by 0.1 percent from October.
Housing rents rose by 5.4 percent, bringing the overall housing, water, electric, gas, and other fuels increase to 4.7 percent.
In the last couple of months, food prices rose by 3.6 percent while transport costs have increased by 4 percent.
In its recently released budget statement, the Saudi government, forecast inflation in the kingdom to average 2.6 percent by the end of 2022.
Saudi Arabia’s fiscal balance tipped to a surplus of 2.6 percent of GDP this year due to high oil prices. As a result of an expansion in the non-oil private sector, the government revised its GDP growth forecast for 2022 to 8.5 percent from 8 percent.
