Saudi Arabia’s inflation increased to 1.9% in October due to higher housing prices
Saudi Arabia’s inflation rate increased to 1.9% in October, mainly because of higher prices for housing, utilities, and fuel, according to official data released on Thursday.
Saudi inflation
- In October, Saudi Arabia’s consumer prices increased by 0.3% compared to the previous month, according to data from the General Authority for Statistics (GASTAT).
- The prices for housing, water, electricity, gas, and fuels went up by 9.6% compared to the same time last year. Personal goods and services also saw a 2.3% rise in costs.
- The prices for restaurants and hotels grew by 1.9%, and education costs rose by 1.1%, contributing to the overall increase in inflation in October.
- Food and beverage prices went up slightly by 0.1%, adding to the overall rise in costs.
- However, the inflation increase was partly balanced by a 3.1% drop in prices for furniture, household items, and maintenance, as well as a 3.1% decrease in transportation costs.
- Clothing and footwear prices fell by 2.7%, which helped reduce inflation pressures.
- Additionally, there was a 2.1% drop in prices in the recreation and culture category, and a 1.5% decline in communications costs. Health prices also dropped by 1.3%.
- Tobacco prices decreased by 1.4%, after staying the same in the previous month.
Saudi Economy
Saudi Arabia’s economy grew by 2.8% in the third quarter of 2024 compared to the same time last year, driven by growth in activities outside the oil sector.
The country’s non-oil activities increased by 4.2%, while government activities went up by 3.1%. Oil-related activities saw a small decrease of 0.3%.
Compared to the previous quarter, the country’s overall economy grew by 0.8%.
Earlier this month, Saudi Arabia reported an $8 billion (SAR 30.2 billion) budget deficit for the July–September quarter, mainly due to lower oil prices affecting revenue.
Published: 14th November 2024
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