Certainly! Here's a condensed version:
Saudi Arabia's annual inflation rate held steady at 1.6% in May 2024, driven by a 10.5% increase in housing rents. This stability was supported by decreases in furniture, clothing, and transport costs. Food prices rose by 1.4%, mainly due to higher vegetable costs.
Monthly inflation increased by 0.2%, led by housing and food expenses. Meanwhile, Riyad Capital forecasts a 2% inflation rate for 2024, with non-oil sectors growing at 4.8%.
The Wholesale Price Index (WPI) increased by 3.2%, driven by chemical and petroleum product costs. However, monthly WPI decreased by 0.1% due to lower food prices.
Average prices for fruits rose notably, while hotel prices and some produce costs declined month-on-month.
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