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Saudi Arabia's annual inflation rate, which eased for a second month in July to 2.3% from 2.7% in June, is likely to ease over the reminder of this year to between 1% and 1.5%, the London-based consultancy Capital Economics said.
According to data issued on Tuesday by Saudi Arabia's General Authority for Statistics, the price rise was mainly driven by an 8.6% surge for housing, water, electricity, gas and other fuels and a 1.4% rise in food and beverage prices.
"Looking ahead, we think that the headline inflation rate will continue to ease over the remainder of this year to 1.0-1.5% y/y and will hover around this rate well into 2024," Capital Economics said in a note on Tuesday.
(Writing by Brinda Darasha; editing by Seban Scaria)
