Inflation in Saudi Arabia rises by 2.7% in July

The annual inflation rate in Saudi Arabia rose to 2.7% last July, the highest level in a year, compared to 2.3% in June.

Inflation came slightly higher than expectations, as it was expected to record 2.6%.

This increase was driven by an increase in food and beverage prices by 3.9%, and transportation prices by 3.6%.

The Saudi Central Bank decided to raise the interest rate by 75 basis points, last month, after the US Federal Reserve decided to raise interest rates by 75 basis points, in an effort to control the accelerating inflation.