Saudi Arabia: Inflation up


Saudi CPI inflation rose to 3.7% year on year in July, from 3.5% in June, according to the Central Department of Statistics. According to Saudi-based Jadwa Investment, the rise was driven by food and rent prices, with food prices reaching a four-year high. Core inflation – excluding food, rent and housing-related services – maintained its downward trend for the fifth consecutive month, falling to 2% year on year in July from 2.25% in June, in part due to a 12.5% fall in jewellery prices, driven by the price of gold.