Riyadh – Mubasher: Saudi Arabia’s inflation rate increased to 2% in November, while crude oil production remained at 8.95 million barrels per day (mbpd) during the month, Al Rajhi Capital cited recent data from the General Authority for Statistics (GaStat).
The consumer price index (CPI) increased by 1.98% year-on-year (YoY) in November. The CPI increase was primarily driven by a 9.1% YoY rise in housing, water, electricity, gas, and other fuel prices.
Additionally, the wholesale price index (WPI) rose by 1.35% in November 2024 compared to the same month in 2023 on the back of a 2.67% rise in other transportable goods.
On the other hand, Al Rajhi Capital noted that Saudi Arabia’s index of industrial production (IIP) increased 5% YoY in October, mainly due to a 12.36% YoY rise in the manufacturing industry activity.
Non-oil exports in October increased by 12.67% YoY compared to the increase of 25.31% YoY in September. The shipment increase was driven by base metals and their articles (+13.43% YoY).
As for the Saudi Central Bank’s (SAMA) foreign reserves, there was a 2.81% YoY rise in November compared to the increase in October, to SAR 1.68 trillion.
Earlier, Al Rajhi Capital cited data from SAMA for November 2024 bulletin which indicated the highest mortgage origination since August 2022.
