Saudi Arabia’s inflation fell to 1.5 percent in December 2023, compared to 1.7 percent in the previous month, official data showed.
According to the latest report from the General Authority for Statistics, the decline in the inflation rate on a month-on-month basis was driven by a 0.3 percent decrease in the prices of food and beverages.
Compared to November, prices of transport decreased by 0.4 percent in December, while expenses for clothing and footwear dipped by 0.3 percent.
On the other hand, prices of education and tobacco showed no significant change in December compared to the previous month.
In December, prices of housing, water, electricity, gas, and other fuels went up by 0.7 percent, while expenses for restaurants and hotels also increased by 0.4 percent.
However, on an annual basis, Saudi Arabia’s overall inflation rate increased by 1.5 percent in December 2023 compared to the same month in the previous year.
This annual rise in inflation was attributed to actual rents for housing, which surged by 9 percent in December.