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FinancialNews
16-02-23
GASTAT: Inflation in Saudi Arabia rises 0.2 percent to reach 3.4 percent
(MENAFN) Saudi Arabia’s inflation rate saw a surge of 0.2 percentage points on a monthly basis in January this year in an indication that the Kingdom is getting to grips with the cost rises sweeping the world, in line with data issued by the General Authority for Statistics.
Inflation stood at 3.4 percent higher as of last month in comparison with the same month last year, mainly triggered by the surging costs of accommodation, water, electricity, gas, as well as additional fuels which went higher by 6.6 percent.
Food and beverages prices saw an increase of 4.2 percent. Saudi Arabia’s yearly inflation rate in January this year is the peakiest since June 2021, when it reached 6.6 percent.
“Prices for housing were the main driver of the inflation rate in January 2023 due to their high relative importance in the Saudi consumer basket with a weight of 25.5 percent,” according to what was written in the GASTAT report.
MENAFN16022023000045014228ID1105583721
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