residential rents continued to put pressure on consumer prices in Saudi Arabia during July, after actual residential rents rose by 4.3% year-over-year, remaining the most significant factor driving inflation in the Kingdom, according to data from the «General Authority for Statistics».
The data showed that the annual inflation rate in Saudi Arabia stabilized at 1.8% in July, the same level recorded in June, with inflation remaining steady for the third consecutive month. The «Housing, Water, Electricity, Gas, and Other Fuels» group contributed 0.8 percentage points to the annual inflation rate, making it the largest contributor to the rise in prices during July.
The continued rise in residential rents amid rising demand for residential units in major cities, at a time when the Kingdom continues to work on expanding the housing supply in line with the goals and plans of «Vision 2030.»
