S. Arabia’s inflation up 1.9% YoY

Saudi Arabia‘s annual inflation rate reached 1.9 per cent in October 2024, compared to the same month in 2023, while monthly inflation rose by 0.3 per cent compared to September 2024.

A key driver of this rise was a 9.6 per cent increase in the housing, water, electricity, gas, and other fuels sector, with rental prices surging 11.6 per cent, especially apartment rents which rose by 11.3 per cent.

Personal goods and services rose by 2.3 per cent YoY, mainly due to a 24.1 per cent jump in jewellery, watches, and precious antiques. The restaurant and hotel sector increased by 1.9 per cent, driven by a 3.6 per cent rise in hotel and furnished apartment services.

Food and beverage prices saw a slight increase of 0.1 per cent YoY, driven by a 2.6 per cent rise in vegetable prices. Several categories recorded price drops, including furnishings and home equipment (-3.1 per cent) and clothing and footwear (-2.7 per cent), with a 5.1 per cent decline in ready-made clothing. Transport prices fell by 3.1 per cent, primarily due to a 4.2 per cent drop in vehicle prices.

In the monthly comparison, housing, water, electricity, gas, and other fuels saw the largest increase, rising by 0.8 per cent, largely due to a 1.0 per cent increase in housing rents.

Personal goods and services rose by 0.4 per cent, with jewellery, watches, and antiques up by 2.3 per cent. Other monthly increases included transport (0.3 per cent), education (0.5 per cent), and furnishings, household equipment, and maintenance (0.4 per cent), while food and beverages declined by 0.2 per cent, and health and communications prices each dropped by 0.1 per cent.

Attribution: Consumer Price Index October2024

Subediting: M. S. Salama