March 15, 2023 1:54 pm
Saudi Arabia’s inflation rises 3% yoy in February
Increase in housing, water, electricity, and gas prices by 7%
The Consumer Price Index (Inflation) index in Saudi Arabia for February 2023 increased by 3 percent year-on-year.
The Kingdom’s statistics authority attributed the rise to a 7 percent increase in housing, water, electricity, gas and other fuels and 3.1 percent in food and beverages.
Read: FED: To continue fighting inflation by raising interest rates
The Authority’s statement, seen by Economy Middle East, stated the following:
- Actual rents for homes rose 8.3 percent in February, which was affected by the increase in apartment rental prices by 31.4 percent. The rise in this group had a significant impact on the rise in annual inflation in February/inflation due to its weight in the index (20.9 percent).
- Food prices rose by 3.1 percent, affected by a 4.1 percent rise in meat and poultry prices, as well as a 4.1 percent rise in milk and egg products.
- The Transport division recorded an increase of 2.7 percent, affected by a 2.2 percent increase in vehicle purchase prices.
- The Restaurants and Hotels division recorded an increase of 6.5 percent, affected by an increase in the prices of catering services by 5.6 percent.
- The Recreation and Culture division recorded an increase of 0.9 percent, affected by the increase in the prices of organized tourist trips by 7.1 percent.
- Meanwhile, the prices of the Miscellaneous Personal Goods and Services division decreased by 0.6 percent, affected by a 7.2 percent decrease in the price of fees for requesting the recruitment of a maid.
- Prices of the clothing and footwear division fell by 2.2 percent, weighed down by a 3.6 percent drop in ready-made clothing prices.
In contrast, Saudi Arabia’s consumer price index fell 0.1 percent month-on-month in February.
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