Ministry announces new regulatory requirements for factories within and outside urban areas    SFDA publishes guidelines for travelers to obtain clearance permit for controlled drugs    11 expats arrested for prostitution in Najran    Saudi Arabia's inflation falls to 5-month low reaching 2.1% in July    SOCPA fellowship opens for professionals worldwide with exam slated for September    Putin praises Trump's peace efforts and floats potential nuclear deal at Alaska summit    Al Nassr arrive in Hong Kong targeting Saudi Super Cup glory    Saudi referee Reem Al-Bishi selected for FIFA Women's Futsal World Cup in Philippines    WHO designates Jeddah and Madinah among 16 "Healthy Cities"    Australia and Vanuatu agree to $328m security and business deal    Red Sea International achieves 44% growth in operating profits for H1 2025 The company announces Q2 2025 financial results    Humanitarian groups call on Israel to end 'weaponization of aid' in Gaza    Melania Trump threatens to sue Hunter Biden for $1bn over Epstein claim    Baby Shark did not plagiarize, South Korea's top court rules    Unreasonable wages, salary delays to trigger violations under Mudad system    PIF raises $9.83 billion in 2024, boosts global ranking to 11th, says Yasir Al-Rumayyan    Visual Arts Commission set to launch Art Bridges Cultural Programs in Scotland, Japan, Korea, and Spain    Saudi Pro League unveils 2025-26 fixture list with blockbuster opening clashes    Donations of living organs rise to 4.9% in Saudi Arabia in 2024    Saudi Arabia exit FIBA Asia Cup after overtime heartbreak against Philippines    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GASTAT: Inflation rate steady at 1.7% in September while rental prices remain its main driver
Published in The Saudi Gazette on 15 - 10 - 2024

RIYADH — Saudi Arabia's Consumer Price Index (CPI) or inflation rate remained steady at 1.7 percent in September 2024, compared to September 2023, maintaining stability throughout the year.
This was revealed in the monthly statistical report, released by the General Authority for Statistics (GASTAT) on Tuesday. "This demonstrates the country's economic resilience and places its inflation rate among the most stable. It also underscores the effectiveness of Saudi Arabia's economic strategies and timely decisions in managing global inflation and price rises," the report pointed out.
Rental prices were the main driver of inflation in September 2024 compared to September 2023. The inflation rate is primarily attributed to the rise in the prices of housing, water, electricity, gas, and other fuels by 9.3 percent, as well as the increase in prices of food and beverages by 0.8 percent. Meanwhile, prices of transportation decreased by 3.3 percent.
The increase in housing, water, electricity, gas and other fuels section was affected by the increase in the group of rents paid for housing by 11.2 percent in September 2024. This is mainly caused by the increase in apartment rental prices by 10 percent, and the increase in this section had a significant impact on the continuation of the annual inflation pace for the month of September 2024 due to the weight formed by this section, which amounts to 25.5 percent.
Similarly, food and beverage prices increased by 0.8 percent, influenced by a 5.2 percent rise in vegetables prices. Prices in the restaurants and hotels sector also rose by 1.7 percent, driven by a 1.5 percent increase in catering service prices.
Meanwhile, the education sector witnessed an increase of 1.6 percent, due to a rise in the fees of intermediate and secondary education by 3.8 percent. On the other hand, prices of furnishing and home equipment decreased by 3.7 percent, influenced by a decline in furniture, carpets, and flooring prices by 7 percent. Similarly, prices of clothing and footwear decreased by 3.2 percent, influenced by a 5.5 percent decline in ready-made clothing prices. Transportation prices also decreased by 3.3 percent, affected by a 4.5 percent decrease in vehicle purchase prices.
Prices recorded an increase of 0.1 percent in September 2024 compared to the previous month of August. In September 2024, the consumer price index recorded a slight increase of 0.1 percent compared to August 2024. This monthly inflation index was influenced by a 0.6 percent rise in housing, water, electricity, gas, and other fuels, which in turn, was affected by a 0.8 percent increase in actual housing rents and prices, the GASTAT report pointed out.
The index also witnessed an increase in the prices of food and beverage by 0.3 percent, driven by a 1.6 percent rise in vegetables and prices. Restaurants and hotels along with personal goods and services both increased by 0.1 percent. However, the index witnessed a decrease in the prices of transportation by 0.4 percent, recreation and culture by 0.3 percent, furnishing and home equipment by 0.3 percent, clothing and footwear, by 0.2 percent, communications by 0.1 percent, and tobacco by 0.1 percent. On the other hand, prices of education and health did not show any significant change in September 2024, the report showed.
According to GASTAT, CPI measures the price of a fixed basket of 490 goods and services paid by consumers. The basket is selected based on a 2018 household income and expenditure survey, which determined the items and their respective weights. Prices are collected through on-site visits to sales points.


Clic here to read the story from its source.