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FinancialNews
13-10-22
GASTAT records KSA’s inflation at 3.1 percent in September reaching 15-month peak
(MENAFN) Saudi Arabia’s yearly inflation level climbed to a 15-month peak of 3.1 percent last month, increasing from 3 percent in the month before (August), as shown by figures issued by the General Authority for Statistics.
The surge in Consumer Price Index, or CPI, is triggered by a hike in food and beverage costs, according to GASTAT in a press statement.
In line with the GASTAT report, the yearly expansion in the cost index for food and beverages reached 4.3 percent last month, whereas meat prices jumped 6.5 percent.
Associates of the Organization of Petroleum Exporting Countries also known as OPEC+ as well as their allies accepted to reduce provision by 2 million barrels per day on the 5th of October.
The GASTAT showed in the report that “Food and beverages prices were the main drivers of the inflation rate in September 2022 due to their high relative importance in the Saudi consumer basket with a weight of 18.8 percent.”
MENAFN13102022000045014228ID1105013739
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