Inflation in Saudi Arabia has increased by more than 3%
2023.01.15 08:37
Inflation in Saudi Arabia has increased by more than 3%
By Ray Johnson
Budrigannews.com – According to government statistics released on Sunday, Saudi Arabia’s annual inflation rate increased to 3.3% in December from 2.9% in November, primarily due to increases in housing costs.
According to Saudi Arabia’s General Authority for Statistics, prices increased 0.3% month-over-month in December, compared to a 0.1% monthly increase in November.
With a 25.5% share of the consumer basket, housing, water, electricity, gas, and other fuels increased by 0.9% in comparison to November.
“As a result of the increase in actual rentals for housing by 1.1%,” the statistics authority stated.
Although they were still up 4.2% in comparison to December 2021, food and beverage prices, which were the primary driver of inflation for the majority of 2022, saw a monthly decrease of 0.1 percent.
In a separate report, the General Authority for Statistics stated, “The annual consumer price index for 2022 increased by 2.5% compared to 2021, primarily influenced by the rise in food and beverages prices by 3.7% and transport prices by 4.1%, due to their weight in the index.”
According to the authority, the increase in the housing category in 2022 was 1.8%, “primarily resulting from the increase in actual rentals for housing of 2.0%.”
In its statement on the budget for 2023, the finance ministry stated that it anticipated an average inflation rate of 2.6% by the end of 2022.
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