Saudi Arabia’s inflation rate remained in April stable at 1.6 percent for the second consecutive month.
According to the latest report from the General Authority for Statistics (GASTAT), the Consumer Price Index (CPI) in the Kingdom experienced a marginal increase of 0.3 percent in April compared to March. This slight uptick was primarily due to a 0.4 percent rise in the prices of housing, water, electricity, gas, and other fuels, which was largely attributed to a 0.4 percent increase in actual housing rents and prices.
#الهيئة_العامة_للإØصاء تنشر الرقم القياسي لأسعار المستهلك لشهر أبريل 2024Ù….
— الهيئة العامة للإØصاء (@Stats_Saudi) May 15, 2024
Additionally, the prices of personal goods and services increased by 1.2 percent, while food and beverage prices rose by 0.2 percent, clothing and footwear by 0.6 percent, and recreation and culture by 0.7 percent. Conversely, the furnishing and home equipment category saw a 0.5 percent decline, driven by a 0.5 percent decrease in the prices of furniture, carpets, and flooring.
On an annual basis, Saudi Arabia’s CPI increased by 1.6 percent in April 2024 compared to the same period in 2023. This rise was primarily attributed to a 9.4 percent increase in villa rents and a 0.8 percent rise in food and beverage prices. Prices in restaurants and hotels also rose by 2 percent, driven by a 1.8 percent increase in food service prices. The education sector witnessed a 1.1 percent increase, influenced by a 4.1 percent rise in fees for intermediate and secondary education.
In contrast, prices for furnishings and home equipment decreased by 3.9 percent, clothing and footwear by 4.2 percent, and transportation by 1.6 percent.
According to GASTAT, the main driver of inflation in April 2024 was the increase in rental prices, with actual housing rents rising by 10.4 percent, largely due to a 9.4 percent jump in villa rents.
Read more: Housing costs propel Saudi Arabia’s inflation to 1.8 percent in February
Wholesale Price Index rises 3.4 percent YoY
Saudi Arabia’s Wholesale Price Index (WPI) also saw an increase, rising by 3.4 percent in April 2024 compared to the same month in 2023. This was driven by a 14.5 percent increase in the prices of basic chemicals and a 12 percent jump in the prices of refined petroleum products. However, the WPI decreased by 0.4 percent in April compared to March, primarily due to a 0.9 percent drop in the prices of other transportable goods.
For more news on the economy, click here.
