High rents allied with rising food and gold prices to push up inflation in Saudi Arabia in July although the increase is not a source of concern for the Gulf Kingdom this year, according to a local investment firm.
Year-on-year inflation rose to 4.9 percent in July from 4.7 percent in June and food, rents and higher prices of jewelry and those for holiday accommodation were the main cause of the rise, though there were some notable falls, the Riyadh-based Jadwa Investment said in a study sent to Emirates 24/7.
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