15.Dec .2021 21:00

Saudi Inflation Rate Rises for 3rd Consecutive Month to Highest Level Since June

Saudi Inflation Rate Rises for 3rd Consecutive Month to Highest Level Since June
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Annual inflation rate in Saudi Arabia hit 1.1 percent in November, up from 0.8 percent in the previous month, according to Gastat.
 
This is the highest level since June and the third month in a row in which inflation rate rose, yet it remains within analysts’ expectations.
 
Specifically, November's inflation rate came in line with Capital Economics' forecasts. Last month, the London-based firm expected consumer prices to edge higher in the coming period but that they will remain relatively weak in the range of 1-2 percent in 2022 and 2023.
 
The company also added that the Kingdom will not experience strong inflationary pressures seen elsewhere in the emerging world.

The jump in consumer prices was driven by higher transport costs, which increased 5.7 percent in November compared to the same month last year.