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Saudi inflation up 3% in August on higher food and transport costs

Reuters/Eric Gaillard
The biggest improvement in confidence was seen in the general economic situation expectation over the next 12 months

Saudi Arabia’s consumer price index rose three percent in August from a year earlier, official data showed on Thursday, accelerating from a 2.7 percent pace in July.

Food and beverages and transport prices were again the main driver of inflation in August, both rising four percent, the General Authority for Statistics said in a statement.

Meat prices were up 6.7 percent, pushing up food and beverages, which make up 18.8 percent of the consumer basket.

Prices were up 0.4 percent on a monthly basis in August, a fractional slowdown from the 0.5 percent month-on-month rise in July.

“The monthly CPI was affected by the increase of food and beverage prices by 0.8 percent, mainly due to the increase in food prices by 0.9 percent,” the statistics agency said.