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FinancialNews


  • 16-11-22

    Saudi inflation increases 3 percent on October YoY

    (MENAFN) An increase in food and drink values supported the surge in Saudi Arabia’s yearly inflation level higher by 3 percent last month, as shown by figures issued by the General Authority for Statistics.

    Values in the area jumped by 4.4 percent, with food witnessing a 4.6 percent jump.

    The value of meat was one of the forces triggering the surge, soaring 6.1 percent.

    The inflation on a yearly basis increase was marginally lower on the number in September, when the nation’s Consumer Price Index reached 3.1 percent in comparison with the same month of last year.

    The September to October stoppage indicated the first fall since May 2022, as shown by the GASTAT data.

    The report also mentioned that the increased relative importance of the food as well as beverage category in the Saudi consumer basket, in line with its inflated prices, make it the main driver of inflation last month.

    The housing rental market soared 3.7 percent last month, together with a 3.3 percent gain in water, electricity, gas on top of other fuels.

    MENAFN16112022000045014228ID1105189844

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