Saudi Arabia's Consumer Price Index (CPI) rose by 3 percent in August, according to the General Authority for Statistics (GASTAT) GASTAT on Thursday released on its official website the results of Consumer Price Index and Wholesale Price Index for August 2022. The CPI in August 2022 increased by 3%, compared to August 2021, higher than the inflation rate of 2.7% in July. The main driver of CPI inflation in August was the higher prices of food and beverages (+4.0%) and transport (+4.0%). Food and beverage prices increased by 4.0%, mainly due to food prices (4.3%), and in particular meat prices (+6.7%). The food and beverages prices were the main driver of inflation in August 2022 due to their high relative importance in the Saudi consumer basket (with a weight of 18.8%). Transport prices increased by 4.0%, mainly due to the increase in car prices (+4.7%). Prices of housing, water, electricity, gas, and other fuels increased by 2.5%, as a result of the increase in rents for housing by 2.7%. Personal goods and services prices increased by 2.1%, mainly resulting from an increase in prices of wedding hall rental (+21.7%). Restaurants and hotels prices increased by 7.3%, due to a 7.3% increase in the cost of catering services. Education prices increased by 5.7%, mainly resulting from the increase in secondary education prices by 10.1%. Meanwhile, the Wholesale Price Index (WPI) increased by 5.6% compared to the same month in 2021, down from 6.8% in July 2022. The increase resulted mainly from the increase in metal products, machinery and equipment prices (+3.2%) that have a relatively high weight in the index. Metal products, machinery and equipment prices rose by 3.2%, due to the increase of General-purpose machinery prices by (10.2%), and fabricated metal products prices by (6.9%), due to their weight in the index. Other transportable goods increased by 4.8%, due to the increase of basic chemicals prices by 12.5%, and refined petroleum products prices by 3.5%. Food products, beverages, tobacco and textiles prices increased by 8.8%, as a result of the increase in the prices of meat, fish, fruits, vegetables, oils and fats by (22.3%) and grain mills, starch and other food products prices by (5.5%). Agriculture and fishery products prices increased by 15.0%, which resulted mainly from higher prices of agricultural products by (18.3%), and live animals and animal products by (8.7%). Ores and minerals prices went up by 6.0%, due to the increase in stones and sand prices by (6.0%). The General Authority for Statistics is the only official statistical reference for statistical data and information in Saudi Arabia. It executes all the statistical work, in addition to the technical oversight of the statistical sector. It also designs and implements field surveys, conducts statistical studies and researches, analyzes data and information, in addition to the documentation and archiving works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources. — SPA
