Saudi Arabia inflation remains at 1.6 pct in May

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Saudi Arabia’s annual inflation rate remained at 1.6 percent for the third month running in May, government data showed on Sunday, with higher housing rents still the main driver.

Housing rents rose 10.5 percent from a year earlier underpinned by a 14.3 percent rise in apartment rents, according to the General Authority for Statistics.

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Overall, prices in the subcategory of housing, water, electricity, gas and other fuels rose 8.7 percent from the previous year.
Food and beverage prices rose 1.4 percent year on year, while prices for hotels and restaurants rose by 2.5 percent driven by a 1.9 percent increase in the price of food services.

Prices of clothing and footwear fell 4 percent from the previous year, and vehicle purchase prices dropped 4.1 percent to bring overall transportation costs down by 2.4 percent.

On a monthly basis, prices rose 0.2 percent in May from April.

At below 2 percent year to date, inflation has remained relatively subdued in Saudi Arabia compared with global levels, with government policies helping limit the impact of international price increases.

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