Data released today by the General Authority for Statistics in Saudi revealed that the January 2022 consumer price index, or what is known as the inflation rate, increased by 1.2% on an annual basis.
This was impacted by the increase in transportation, food, and beverage prices. The inflations rate rose by 0.2% over that of December 2021.
The Kingdom expects to record an inflation rate of 1.3 percent in 2022, and 2 percent during the years 2023 and 2024.
The global economy suffers from worsening inflation rates, which impede achieving sustainable economic growth.
General Authority for Statistics inflation report
In a report, the authority attributed the rise to an increase in transport prices by 4.9 percent, and food and beverage prices by 2 percent.
It stated that the transportation sector felt the brunt of the increase in gasoline prices which rose by 34.5 percent. This sector had a significant impact on the rise in annual inflation due to its weight on the index.
The Food and Beverage sector was impacted by a 2.3 percent increase in food prices, with vegetable prices alone experiencing a 10 percent increase.
The furnishing and home furnishings sector recorded price inflation of 1.2 percent, affected by the increase in the prices of furniture, carpets, and floor coverings by 1.9 percent.
The education section recorded an inflation rate increase of 6.3 percent, due to an increase in the prices of middle and secondary education by 15.3 percent.
According to the authority, the consumer price index for the month of January was relatively stable compared to December 2021, rising by only 0.2 percent