RIYADH: Saudi Arabia’s annual inflation rate accelerated to a 15-month high of 3.1 percent in September, up from 3 percent in August, according to data released by the General Authority for Statistics.
The increase in Consumer Price Index, or CPI, is driven by a rise in food and beverage prices, said GASTAT in a press release.
According to the GASTAT report, the annual growth in the price index for food and beverages stood at 4.3 percent in September, while meat prices surged 6.5 percent.
“Food and beverages prices were the main drivers of the inflation rate in September 2022 due to their high relative importance in the Saudi consumer basket with a weight of 18.8 percent,” said GASTAT in the report.
The inflation figures directly follow data from the Saudi Central Bank showing a 15.8 percent drop in point-of-sale transactions last week.
This decline was fueled by a SR421.3 million drop in food and beverages POS transactions, with sales falling just as inflation kicked in.
With regards to consumer prices, rents for housing rose by 3.6 percent in September, driving up the costs of housing, water, electricity, gas, and other fuels by 3.2 percent, according to GASTAT.
- Wedding hall rental prices rose 18.8 percent; pushing personal goods and services prices up 1.6 percent.
- Secondary education prices rose 10.1 percent; pushing education prices up 5.7 percent.
- Catering service prices rose 7.6 percent; pushing restaurant and hotel prices up 7.5 percent.
- Motor car prices rose 4.6 percent; pushing transport prices up 3.8 percent
Conversely, the report indicated a 1 percent drop in clothing and footwear prices as garments prices fell by 1.9 percent in September 2022.
Consumer prices saw a modest rise of 0.3 percent last month compared to August, also on the back of the rise in food and beverage prices by 1 percent.
- Housing, water, electricity, gas and other fuels – up 1 percent
- Restaurant and hotel prices – up 0.2 percent
- Transport and Tobacco - up 0.1 percent.
The report specified 5 categories with a month-on-month decline in consumer prices last month, whereas it showed no changes in health and education sectors.
- Recreation and culture – down 1 percent
- Personal goods and services – down 0.8 percent
- Furnishings, household equipment and maintenance – down 0.4 percent
- Clothing and footwear – down 0.2 percent
- Communication – down 0.2 percent
