In the latest data released by the Saudi Arabia Central Department of Statistics, inflation rate in August has been recorded at 4.4% which is the highest in 7 years. The new inflation rate in August has surpassed 3.83% which was recorded in July. It’s an alarming situation which triggering calls by Shura Council, which advises the government, to curb price rising.
It was reported that the increase of inflation rate in August was contributed by the rising rents and the increase price of food and beverage components of the index. Both of the causes has increased as much as 12.1 percents and 6.6 percents respectively. The year 1995 was the last highest inflation rate recorded in Saudi Arabia at 4.98%. Saudi Arabia’s Shura Council urged the authorities last month to tackle inflation and asked the finance minister to appear before it to discuss the problem. More steps has been assured to be taken in the following months by the Saudi’s authority to control the situation.