Saudi Arabia: Inflation comes in at highest level since November 2024 in January
Latest reading: Inflation edged up to 2.0% in January, following December’s 1.9% rise. January’s figure represented the highest inflation rate since November 2024, but inflation remained weak by emerging market standards amid government subsidies and the U.S. dollar peg. Looking at the details of the release, transport prices fell at the weakest pace in nine months due to the recent dip in oil prices. That said, housing costs rose at the softest rate in a year, with rents showing signs of cooling after surging since early 2023 as a result of population growth and an influx of foreign companies.
Annual average inflation remained at December’s 1.7% in January.
Finally, consumer prices rose 0.30% over the previous month in January, accelerating from December’s 0.04% increase. January’s figure was the highest reading since October 2024.