Saudi Inflation Analysis for November
Official reports indicated that Saudi inflation experienced a slight shift in the inflation rate in November, reaching 1.7%, slightly up from the 1.6% recorded in October. The reports noted that the modest increase in inflation was driven by rising prices of housing, water, electricity, gas, and other fuels, which rose by 1.3% in November compared to the previous month. GASTAT confirmed in the report that rental prices were the main contributor to the inflation rate in November 2023 due to their relatively high significance in the Saudi consumer basket, accounting for 21%.
Increase in Restaurant and Hotel Prices, Personal Goods, and Services
Compared to October, expenditures on restaurants and hotels increased by 0.6% in November, while prices for personal goods and services rose by 0.2%.
Mohammed Al-Jadaan Appointed President of the International Monetary and Financial Committee
The Saudi Minister of Finance, Mohammed Al-Jadaan, has been selected to chair the International Monetary and Financial Committee, the advisory body of the International Monetary Fund’s Board of Governors. He has been appointed by committee members to serve for three years starting from January 4. He succeeds Nadia Calvino, the Spanish Deputy Prime Minister and Minister of Economic Affairs and Digital Transformation, who chaired the committee since January 3, 2022.
Launch of Geographic Data Platform in Saudi Arabia
Saudi Arabia’s geographic infrastructure is set to receive a significant boost with the launch of an open data portal that will utilize geographic information systems to achieve sustainable development goals. The portal was announced at the Geographic Information Data Conference, organized by the General Authority for Survey and Geographic Information in collaboration with the General Authority for Statistics in Riyadh. The electronic platform aims to enhance the role of geographic data in improving sustainability and quality of life in the Kingdom through responsible production and consumption and climate preservation. It also covers marine life and wildlife safety and the role of strong institutions in achieving sustainable development goals. The President of the General Authority for Survey and Geographic Information, Mohammed bin Yahya Al-Sayel, confirmed that the authority has launched several initiatives and adopted various controls, standards, and policies in the year
Source: https://www.arabnews.com/node/2425571
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