Saudi Arabia’s annual inflation rate eased slightly to 1.9% in November, down from 2.2% in October, government figures showed on Monday.
Consumer price inflation has largely stayed within the 2.1% to 2.3% range for most of the year, underpinned by higher housing costs.
Data from the General Authority for Statistics showed housing rents climbed 5.4%, while passenger transport prices rose 6.4%.
In response to rising rents, the kingdom’s real estate authority in September introduced new measures, including a five-year freeze on annual rent increases for residential and commercial properties within Riyadh’s city limits.
Earlier this year, authorities approved a Real Estate Ownership and Investment Law that will allow foreign buyers easier access to property once it comes into force next year.
Saudi Arabia is also developing several large-scale projects around Riyadh under its Vision 2030 strategy to expand tourism and the private sector as part of efforts to reduce reliance on oil.
On a monthly basis, consumer prices edged up by 0.1% in November.
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