Saudi Arabia’s annual inflation eases to 1.7% in October

JEDDAH: Saudi Arabia’s annual inflation eased to 1.7 percent in October, matching the rate recorded in April and down from 1.9 percent in September, according to official data. Higher housing, transport and food costs continued to drive annual price growth, while consumer prices rose 0.1 percent month on month, according to a report by the General Authority for Statistics, or GASTAT. The housing, water, electricity, gas and other fuels category recorded an annual increase of 3.5 percent, with actual housing rents also rising by 3.5 percent. Insurance and financial services prices increased by 3.5 percent, led by a 6.5 percent rise in insurance services. Transport costs climbed 2.3 percent, while food and beverages prices rose 1.1 percent. Other categories recording annual increases included recreation, sport and culture, at 2.7 percent…