S. Arabia’s WPI inflation up by 3.1% YoY in Sept

Saudi Arabia’s Wholesale Price Index (WPI) inflation increased by 3.1 per cent in September 2024 compared to the same month last year. The rise was driven by an 8.0 per cent prices increases in other transportable goods, primarily due to a 12.0 per cent hike in the prices of basic chemicals and refined petroleum products.

In detail, the prices of metal products, machinery, and equipment edged up by 0.1 per cent, influenced by a 3.0 per cent rise in basic metals and a 2.4 per cent increase in electrical machinery.

Conversely, ores and minerals prices fell by 3.6 per cent, largely because of a decline in stone and sand prices. Agricultural and fishery product prices dipped by 0.4 per cent, following a 5.8 per cent decrease in fish prices and a 2.5 per cent decline in live animals.

On a monthly basis, WPI rose by 0.3 per cent from August 2024, attributed to a 0.9 per cent increase in other transportable goods prices. However, prices for ores and minerals dropped by 0.2 per cent, while food products, beverages, tobacco, and textiles fell by 0.1 per cent. Overall, the index reflects ongoing fluctuations in various sectors of the Saudi economy.

A wholesale price index (WPI) is a metric used to track changes in producer prices over time. It provides insights into inflation by measuring the prices of goods at the wholesale level, before they reach consumers, according to Investopedia

Attribution: Wholesale Price Index September 2024

Subediting: Y.Yasser