S. Arabia’s inflation edges up to 1.6% in April – GASTAT

Saudi Arabia’s inflation rate rose to 1.6 per cent in April 2024, driven by higher prices for housing, utilities, and food, according to a data published by General Authority for Statistics (GASTAT) on Wednesday.

Housing, water, electricity, and gas led the surge, with prices climbing 8.7 per cent compared to April 2023. This segment carries significant weight of 21.0 per cent in the inflation basket, amplifying its impact on the overall rate.

Rents, particularly for villas, saw a notable 10.4 per cent year-on-year increase.

Food and beverage prices also rose, albeit more modestly at 0.8 per cent. Meat prices contributed most significantly, increasing by 1.8 per cent.

Restaurants and hotels followed suit with a 2.0 per cent uptick, influenced by a rise in food services. Educational costs edged up 1.1 per cent, driven by a 4.1 per cent jump in fees for middle and high school education.

The April 2024 Consumer Price Index (CPI) showed a slight monthly increase of 0.3 per cent compared to March 2024. Housing and utilities again played a key role in this monthly change, rising 0.4 per cent.

Food and beverages, restaurants and hotels, clothing and footwear, and recreation and culture all saw modest price increases.