Saudi Arabia's annual consumer inflation held steady at 1.8% in August for the fourth consecutive month, as expected, while wholesale price hikes slowed, according to economic data published Tuesday.
The country's General Authority for Statistics attributed the higher consumer prices to a 3.9% rise in housing, fuel and utility costs, alongside increases of 2% in transportation and 1.4% in food and beverages.
Month on month, consumer prices in Saudi Arabia were up 0.1%, matching market expectations and down from the prior month's 0.2% uptick.
The latest results were driven by a 0.2% bump in housing and utilities, notably actual rents, a 0.8% rise in personal care, and a 0.6% gain in transport. Declines in food and restaurant prices helped temper the increase.
In a separate same-day release, the country's annual wholesale price inflation edged down to 4.6% in August from a 5% jump in the previous month. The rise was primarily fueled by a 2.2% growth in metal products, machinery and equipment and an 8.2% price surge in other transportable goods.
Meanwhile, monthly wholesale prices in the kingdom ticked down 0.2%, following zero growth in July. Key downward drivers included a 1% drop in transportable goods, a 2% decrease in ore and mineral prices, and a 1.5% fall in agricultural products.
