RIYADH — Saudi Arabia's annual inflation rate rose to 1.9 percent in October 2024, according to the data released by the General Authority for Statistics (GASTAT) on Thursday. The inflation records the highest rate in 14 months, driven mainly by an 11.7 percent rise in housing prices, the highest pace since 2013. However, this rate is among the lowest in the G20 countries. The GASTAT report showed that food and beverages, personal goods and services, jewelry, restaurants and hotels prices recorded an increase. The biggest increase was for rents, which rose by 11.7 percent last month, and had the biggest impact on the pace of consumer price increases as they account for a quarter of the relative weight in the Consumer Price Index (CPI). The housing, water, electricity, gas and other fuels section increased by 9.6 percent, while the prices of the various personal goods and services sections rose by 2.3 percent, affected by the increase in jewelry, watches of all kinds and valuable antiques by 24.1 percent. The prices of the restaurants and hotels section recorded an increase of 1.9 percent, driven by the increase in the prices of hotel services and furnished apartments by 3.6 percent. The education section also recorded an increase of 1.1 percent, affected by the increase in the prices of intermediate and secondary education fees by 1.8 percent, while the prices of food and beverages rose slightly by 0.1 percent, driven by the increase in vegetable prices by 2.6 percent. On the other hand, the prices of the home furnishings and equipment section decreased by 3.1 percent, affected by a 5.0 percent decrease in the prices of carpets and floor coverings, and the prices of the ready-made clothing section decreased by 5.1 percent, while transportation prices recorded a decrease of 3.1 percent, affected by a 4.2 percent decrease in the prices of purchasing vehicles. The CPI or inflation measures consumers' prices for a fixed basket of goods and services consisting of 490 items. The basket was selected based on the household income and expenditure survey conducted in 2018. Prices are collected through field visits to points of sale.
