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Saudi Arabia's consumer price index (CPI) rose 3.1% in September from a year earlier, official data showed on Thursday, picking up further from a 3% increase in August.
Food and beverages and transport prices were again the main drivers of inflation, both rising 4.3% in September, the General Authority for Statistics said in a statement.
The sub-index was pushed higher by food and beverages prices, that rose 4.6%, in particular meat prices which jumped 6.5%. The sub-index makes up 18.8% of the consumer basket.
On a monthly basis, prices were up 0.3%, slightly lower compared with the 0.4% month-on-month rise in August.
"The main driver of CPI inflation in September were the higher prices of food and beverages (+4.3%) and Housing, water, electricity, gas, and other fuels (+3.2%)," the statistics agency said.
According to Capital Economics, the headline rate has now peaked and will drop back over the coming months and into early 2023. "If anything, the risks are skewed to the downside with a cut to the VAT rate on the cards," it added.
(Reporting by Brinda Darasha; editing by Seban Scaria)
