Saudi Arabia: Inflation Rate Hikes Up in September

Published October 14th, 2021 - 08:30 GMT
Saudi Arabia: Inflation Rate Hikes Up in September
Also, according to the Saudi Central Department of Statistics & Information, prices were up 0.2%, accelerating from a 0.1 percent rise on a monthly basis from August. (Shutterstock)
Highlights
The biggest pressure on consumers was from the prices of food and beveragesز

The annual inflation rate in Saudi Arabia has inched up to the highest mark since June at 0.6% in September of 2021 from 0.3% in August.

The biggest pressure on consumers was from the prices of food and beverages which hiked to 2.4% from 1.9% in August. The vegetable prices soared 12.5%, meat, and poultry 2%.

Also, according to the Saudi Central Department of Statistics & Information, prices were up 0.2%, accelerating from a 0.1 percent rise on a monthly basis from August.

Saudi Arabia is seeking to inject its economy with $7 trillion (SR27 trillion) in government spending and investments by 2030 as the KSA plans to be rank in the top 15 global economies, Crown Prince Mohammed bin Salman announced on Monday.

Among other things, the Kingdom also plans to offer 'new incentives, revamp regulations and create special economic zones to attract more investment and convince multinationals to relocate their regional headquarters to the kingdom', Bloomberg reported.


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