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15-09-22
GASTAT: Saudi inflation jumps to 14-month peak of 3 percent in August triggered by F&B prices
(MENAFN) Saudi Arabia’s yearly inflation rate grew to its 14-month peak of 3 percent as of last month, surging from 2.7 percent in the month before (July), as shown by most recent figures issued by the General Authority for Statistics.
GASTAT mentioned that the rise in the Consumer Price Index is triggered by a surge in food and beverage costs.
This is the third consecutive month that the year on year inflation rate has surged as May registered 2.24 percent climb, then June and July with 2.3 percent and 2.7 percent, individually.
In line with the GASTAT report, food and beverage costs saw a rise of 4.0 percent last month, whereas meat prices jumped 6.7 percent.
As mentioned in GASAT in the report, “The food and beverages prices were the main drivers of the inflation rate in August 2022 due to their high relative importance in the Saudi consumer basket with a weight of 18.8 percent.”
MENAFN15092022000045014228ID1104868816
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