Saudi Arabia, Israel Report Decline in Annual Inflation Rates
Saudi Arabia’s annual inflation rate fell to 1.7% in September, a decline from 2% in August, according to statistics released on Sunday by the Saudi General Authority for Statistics. Housing, water, electricity, fuels, and dining out were the primary drivers behind the consumer price index. Notably, apartment rent surged by 19.8%.
Meanwhile, Israel’s Central Bureau of Statistics also revealed a decrease in the year-on-year 12-month inflation rate, which fell to 3.8% in September from 4.1% in August. This marks Israel’s lowest inflation rate since July 2022, when it stood at 3.3%.
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Analysts predict that the ongoing conflict between Israel and Hamas is unlikely to significantly alter Israel’s inflation rate in upcoming reports. The decline in consumption expected during wartime is believed to be counterbalanced by the depreciation of the Israeli shekel and a decrease in supply due to war damages and a decline in imports.
While prices for furnishings and household equipment dropped by 2.8% in Saudi Arabia, and food and beverage prices saw a minor decrease of 0.2%, Israel’s inflation data did not disclose such details.
