Saudi Arabia

Saudi: Driven Mainly by Rent Prices, Inflation Rises to 2.8% In May

The Consumer Price Index (CPI) in Saudi Arabia has increased to 2.8% in May 2023, compared to the same month in 2022. It was also higher than the 2.7% increase estimated for April 2023, according to the General Authority for Statistics (GASTAT).

The rise in CPI was due to the increase witnessed in the prices of housing, water, electricity, gas, and other fuels by 8.4%, and food and beverages by 0.9%.

GASTAT noted that the rent prices were the main driver of inflation in May 2023, compared to May 2022, due to its relative importance in the Saudi consumer basket with a weight of 21.0%.

The Consumer Price Index report issued by the authority for May 2023 showed that actual rents of housing in Saudi Arabia increased by 9.9%, reflecting the increase in rents for apartments by 23.7%.

Moreover, the prices of food and beverages recorded an increase of 0.9%, which was affected by the rise in prices of the meat and poultry by 2.4%, as well as the prices of milk and dairy products including the eggs by 8.5%.

Sectors that witnessed a drop in prices included furnishings, household equipment & maintenance, which fell by 2.0%, affected by a decrease of 4.9% in the prices of furniture and furnishings, carpets and other floor coverings.

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Source
Saudi Gazette

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