Saudi Inflation Rises To 1.8% In February, The Highest Level Since August 2023
The inflation rate in Saudi Arabia rose 0.2 percent to 1.8 percent in February 2024 from 1.6 percent in the previous month of January.
This is the highest level of consumer price index or inflation since August 2023, when it recorded two percent, according to the latest monthly report published by the General Authority for Statistics (GASTAT).
The inflation rate maintained a steady increase over the past few months. It posted a slight increase of 0.1 percent reaching 1.6 percent in January from 1.5 percent in December 2023.
The authority attributed the increase to a rise in housing, water, electricity, gas and other types of fuel by 8.5 percent, and food and beverage prices by 1.3 percent. Rental prices produced the biggest impact on the increase in inflation during the month of February, as actual rents for housing rose by 10 percent and were affected by the increase in villa rental prices by 9.1 percent.
Prices for food and beverages were affected by an increase in the prices of vegetables by 7.6 percent, and the restaurants and hotels section recorded an increase of 2.5 percent, affected by an increase in the prices of catering services by 2.2 percent.
On the other hand, transportation prices decreased by 0.9 percent, and prices of various personal goods and services recorded a decrease of 1.1 percent. The consumer price index during February recorded a slight increase of 0.2 percent compared to January 2024.
The monthly inflation index was affected by an increase in housing, water, electricity, gas and other types of fuel by 1.2 percent, which in turn was affected by an increase in prices for actual housing rental by 1.4 percent.
