Data from the General Authority for Statistics (governmental) showed that the annual inflation rate in Saudi Arabia fell for the second consecutive month to 2.3 percent in July from 2.7 percent in June, recording the slowest pace in more than a year.
The authority attributed the price rise mainly to an 8.6 percent jump in housing, water, electricity, gas, and other fuels and a 1.4 percent increase in food and beverage prices.
Capital Economics expects in a research note that inflation will continue to decline during the remainder of this year to between 1 and 1.5 percent year-on-year, and will hover around this rate in 2024.
Source (Al-Arabiya.net Website, Edited)
