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Saudi inflation rate rises for third consecutive month

Saudi inflation rate rises for third consecutive month

Saudi inflation rate rises for third consecutive month

Image: Reuters

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RIYADH: Annual inflation rate in Saudi Arabia hit 1.1 per cent in November, up from 0.8 per cent in the previous month, Arab News quoted Gastat report, as saying.

This is the highest level since June and the third month in a row in which inflation rate rose, yet it remains within analysts’ expectations.

Specifically, November’s inflation rate came in line with Capital Economics’ forecasts. Last month, the London-based firm expected consumer prices to edge higher in the coming period but that they will remain relatively weak in the range of 1 per cent to 2 per cent in 2022 and 2023.

The company also added that the Kingdom will not experience strong inflationary pressures seen elsewhere in the emerging world.

The jump in consumer prices was driven by higher transport costs, which increased 5.7 per cent in November compared to the same month last year.

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Other key points from Gastat’s report

Transportation makes up 13 per cent of the overall index.

Gastat said soaring fuel prices, rising 47.9 per cent, fuelled the inflationary pressures in the sector.

In addition, food prices played a major role in the hike prices, climbing 1.7 per cent with vegetable prices surging 7 per cent.

Education prices also went up by 4.8 per cent while prices of restaurants and hotels were 1.8 per cent higher when compared to last year, which was due to a rise in catering services prices.

Prices of clothing and footwear were 1.8 per cent cheaper in November compared to a year earlier.

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Prices of utilities such as housing, water, electricity, gas and other fuels also experienced a 1.6 per cent decline. Actual rentals for housing dropped by 2 per cent.

On a monthly basis, consumer prices edged up 0.2 per cent in November.

Prices of utilities were unchanged while transport prices slightly increased by 0.3 per cent.

Costs of personal goods and services went up by a monthly 1.4 per cent, the highest month-on-month rise among other groups.

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