Riyadh, Nov. 14 -- The Kingdom of Saudi Arabia's annual inflation rate reached 1.9 percent in October this year, the highest in 14 months, primarily due to increase in housing prices.
According to the General Authority for Statistics (GASTAT) report issued on Thursday, November 14, the annual increase in housing rents reached 11.6 percent, with apartment rents experiencing a 11.3 percent rise.
The increase in the housing section significantly impacted the annual inflation pace for October 2024, with a weight of 25.5 percent.
This comes at a time when housing prices in the Kingdom are escalating due to limited real estate supply, population growth, and an influx of expats seeking housing.
The expenses for housing, water, electricity, g...
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