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Saudi Inflation Reaches 3.3 % in December

Saudi Arabia's annual inflation rate climbed up to 3.3% in December from 2.9% in November.

Government data revealed today that prices rose again, driven mainly by housing costs. According to Saudi Arabia's General Authority for Statistics, prices increased by 0.3% month on month in December, compared with a 0.1% monthly rise in November. Housing, water, electricity, gas, and other fuels are also of the high weight of the consumer basket, all rose by 5.9% from a year earlier and were 0.9% higher compared with November.

"The annual consumer price index for 2022 increased by 2.5% compared to 2021, mainly influenced by the rise in food and beverages prices by 3.7% and transport prices by 4.1%, due to their weight in the index," the General Authority for Statistics reported.

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