Saudi Inflation Soars for Second Month in Row

Published November 15th, 2021 - 12:18 GMT
Saudi Inflation Soars for Second Month in Row
Inflation was driven by upward pressure that came from higher prices of petrol. (Shutterstock)
Highlights
The inflation also was 0.2% higher on the monthly basis.

The consumer price index in Saudi Arabia had grown by 0.8% in October on yearly basis for the second month in a row, Saudi’s General Authority for Statistics (Gastat) data showed.

The inflation also was 0.2% higher on the monthly basis from September’s 0.6 percent.

Inflation was driven by upward pressure that came from higher prices of petrol for transport (6.4% vs 5.9%), mainly due to the increase in Operation of Personal Transport Equipment prices (21.5%), which in turn was affected by the increase in gasoline prices (47.9%), according to Gastat.

The notable thing is that the economy of Saudi Arabia has grown 6.8% in Q3 compared to negative growth of 4.5 percent last year, marking the country's fastest expansion pace since 2012, fueled by global energy demand recovery.

This will place the Kingdom among the other 100 countries that have pledged to adopt the Carbon Circular Economy, like China and Russia. However, other countries including the US, the UK, and the United Arab Emirates targets to achieve the goal 10 years earlier.


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