Saudi inflation climbs to 3.1% in September

Driven by increases in food prices, house rents

Saudi man buying vegetables at a supermarket (Image credit: Reuters)

The consumer price index (inflation) in Saudi climbed by 3.1 percent compared to the same month in 2021.

The country’s General Authority for Statistics (GASTAT) attributed the reason to a 4.3 percent increase in food and beverage prices, as well as a 3.2 percent increase in house rents, water, electricity, gas, and other fuel prices.

In August, annual inflation in Saudi Arabia was 3 percent.

However, in September alone, inflation surged by 0.3 percent when compared to August 2022. The 1 percent increase in food prices had an impact on the monthly inflation index.

The International Monetary Fund (IMF) stated in a recent report on global economic prospects that the Gulf countries are immune to the inflation experienced by most global markets. It further noted that the inflation rate in Saudi is expected to be no higher than 2.2 percent.