ADNOC and Tabreed to use geothermal energy to decarbonize cooling of buildings in Masdar City

ADNOC and Tabreed to use geothermal energy to decarbonize cooling of buildings in Masdar City

RIYADH: Saudi Arabia’s inflation rate fell to 2.3 percent in July compared to 2.7 percent in June, driven by relatively stable prices across all sectors, official data showed. 

A report released by the General Authority for Statistics attributed the fall to the decrease in prices of furnishings, household equipment and maintenance, which went down by 0.3 percent in July. 

Clothing and footwear prices slipped by 0.8 percent in July compared to June, while the cost of personal goods and services dipped by 0.6 percent during the same period. 

In contrast, in July, housing, water, electricity, gas and other fuel prices increased by 0.3 percent compared to June. 

The report further pointed out that food and beverage prices increased by 0.4 percent in July compared to June, while hotel prices rose by 0.3 percent. 

Due to global economic headwinds, the inflation rates of all major economies have been witnessing a rise in recent months. However, Saudi Arabia has successfully bucked this trend by steadily maintaining its Consumer Price Index. 

In June, the International Monetary Fund said that the Kingdom’s inflation rate is expected to remain at 2.8 percent in 2023, thanks to Saudi Arabia’s strong currency and ceiling on gasoline prices. 

The Washington-based lender also noted that the Kingdom’s non-oil sector