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  • 16-01-23

    GASTAT: Saudi inflation surges 3.3 percent yearly in December last year

    (MENAFN) Saudi Arabia’s yearly inflation rate surged by 3.3 percent in December last year, in comparison with the same time span in the year before (2021), as shown by the most recent report issued by the nation’s General Authority for Statistics.

    The report pointed out that the surge in the Kingdom’s consumer price index was mainly triggered by the peak costs of residential, water, electricity, gas, as well as other fuels which went 5.9 percent higher, whereas food and beverage prices increased by 4.2 percent.

    Saudi Arabia’s inflation level in December is the peakiest since June 2021, when it reached 6.2 percent.

    In line with the report, accommodation, water, electricity, gas, and other fuel prices were surged because of the increase in actual rentals for housing by 6.8 percent, which in turn was impactful by the rise in apartment rental costs by 18.1 percent.

    In November, the inflation rate in Saudi Arabia was 2.9 percent, whereas it stood at 3.1 percent as well as 3 percent in September and October individually.

    “Prices for housing were the main driver of the inflation rate in December 2022 due to their high relative importance in the Saudi consumer basket with a weight of 25.5 percent,” according to GASTAT report.

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