Saudi Arabia's annual inflation rate increased slightly to 1.6% in August 2024, up from 1.5% in July, primarily driven by a significant 10.7% rise in housing rents. The General Authority for Statistics (GASTAT) reported that the overall increase in housing, utilities, and fuels was 8.9%, while food and beverage prices rose by 0.9%, influenced heavily by a 4.6% jump in vegetable prices. Despite the uptick, inflation remains low compared to global standards, with sectors like transport and home equipment experiencing price declines of 3.4% and 3.5%, respectively. On a month-to-month basis, prices increased marginally by 0.1% in August. The International Monetary Fund projects an average inflation rate of 1.9% for Saudi Arabia in 2024, indicating a stable economic outlook amidst global inflation pressures.