HomeEconomyInflation in Saudi Arabia rises to 3% year on year in August
By Economy Middle East
September 15, 2022 4:18 pm

Inflation in Saudi Arabia rises to 3% year on year in August

Meat and poultry prices rose 6.7%
Saudi inflation
Saudi men buying vegetables (Image credit: Reuters)

Saudi Arabia’s consumer price index, which measures inflation, increased by 3 percent year on year in August, up from 2.7 percent in July.

The General Authority for Statistics (GASTAT) attributed this surge to a 4 percent increase in food, beverage, and transportation prices.

Meanwhile, meat and poultry prices increased by 6.7%. Given that it accounts for 18.8 percent of the index, the increase in this category had a significant impact on the increase in annual inflation in August.

Prices rose 0.4 percent month on month in August, slightly less than the 0.5 percent increase in July.

“The monthly inflation index was affected by a 0.8 percent growth in the food and beverages section, which in turn was affected by a 0.9 percent increase in food prices,” GASTAT said in its report.