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Saudi Arabia’s inflation holds steady at 1.6% in May: GASTAT

 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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