Saudi Arabia's annual inflation rate remained flat at 1.8% in August for the fourth consecutive month, according to government data released on Tuesday, reports Reuters.

 

Inflation based on the consumer price index has hovered around 1.7% to 1.8% for much of the year, amid an increase in prices of housing, water, electricity, gas and other fuels.

 

The August data, released by Saudi Arabia's General Authority for Statistics, showed an increase by 3.9% in these sectors on an annual basis, slowing from a 4.2% rise in July.

 

Saudi Arabia has been grappling with intensified attacks by Iran-backed Yemen's Houthis and Iraqi militias on its energy infrastructure, leading the kingdom's East-West pipeline to shut down on September 10.

 

The pipeline had helped relieve the logjam in the Strait of Hormuz and its shutdown has put pressure on flows from the world's largest oil exporter, whose economy still depends on hydrocarbons.

 

On a month-on-month basis, the August CPI edged up 0.1%.

 

annual inflation rateconsumer price indexhousingelectricity
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