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04-09-22
Saudi inflation surges to 2.7 percent in July YoY
(MENAFN) Saudi Arabia’s consumer price index surged 2.7 percent in July compared to the same month last year, administration data presented on Monday, rising from a 2.3 percent pace in the month before.
The food and beverages segment jumped 3.9 percent, primarily because of higher food costs and meat prices specially, which climbed as much as 5.1 percent, the General Authority for Statistics mentioned in an announcement.
It noted that “Food and beverages prices were the main driver of the inflation rate in July 2022 due to their high relative importance in the Saudi consumer basket (with a weight of 18.8 per cent).”
The Saudi CPI jumped 0.5 per cent in July from June, the monthly data presented.
Saudi inflation is now at or near an all-time high and is going to slowly drop back throughout the remaining of this year and the upcoming year, as stated by Jason Tuvey, senior emerging markets economist at Capital Economics in London.
Tuvey stated in a report to clients that “Looking ahead, we think that headline inflation is now probably at or very close to a peak. Food inflation should continue to drop back and the government’s cap on local fuel prices will help to contain energy inflation.”
MENAFN04092022000045014228ID1104807522
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