Saudi Arabia’s annual inflation rate reached 1.9 per cent in December 2024, driven by higher housing, water, electricity, gas, and fuel costs, which surged 8.9 per cent.
Food and beverage prices rose by 0.8 per cent, while personal goods and services climbed 2.2 per cent. In contrast, transport prices dropped by 2.5 per cent.
Rental prices were the main inflation driver, with housing rents rising 10.6 per cent, largely due to a 9.9 per cent hike in villa rental rates. This category, representing 25.5 per cent of the inflation basket, significantly influenced the overall rate.
Meat and poultry prices increased by 2.9 per cent, contributing to the rise in food costs. Personal goods and services also saw a notable jump, with jewellery and luxury item prices up 20.2 per cent.
Meanwhile, prices in the transport sector fell by 3.9 per cent, driven by declining vehicle purchase costs. Clothing and footwear prices dropped 2.2 per cent, and furnishing and home equipment prices declined 2.8 per cent.
Monthly consumer price trends
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser