The Clap
The annual inflation rate in Saudi Arabia slowed down for the first time since last May to 3% last October.
The Deets
The General Authority for Statistics revealed that the Consumer Price Index (CPI) increased by 0.2% in October from last month due to an increase in housing, water, electricity, gas, other fuels, and food prices by 0.9%.
So What
The authority attributed the annual increase in inflation to the 4.4% increase in food and beverage prices and a 3.3% increase in housing, water, electricity, gas, and other fuel prices.
Now What
The Saudi economy grew by 8.6% annually during Q3 2022 thanks to the growth in oil activities by 14.5% and non-oil activities by 5.6%.
