S. Arabia’s inflation up in Sept ’24

Saudi Arabia’s annual inflation rate rose to 1.7 per cent in September 2024 compared to the same month in 2023, mainly driven by higher housing-related costs.

The housing, water, electricity, gas, and other fuels sector surged by 9.3 per cent, with rents for housing increasing by 11.2 per cent, reflecting a 10 per cent rise in apartment rental prices. Food and beverage prices also climbed by 0.8 per cent, particularly due to a 5.2 per cent jump in vegetable prices.

Other sectors saw notable annual changes: restaurant and hotel prices increased by 1.5 per cent, education costs rose by 3.8 per cent for intermediate and secondary levels, while transportation and furnishing saw declines of 3.3 per cent and 3.7 per cent, respectively.

Month on month (MoM), the kingdom’s CPI showed a slight increase of 0.1 per cent compared to August 2024, primarily due to a 0.6 per cent rise in housing-related prices. However, transportation, recreation, and other sectors experienced minor decreases.

Attribution: Consumer Price Index September2024

Subediting: M. S. Salama