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Saudi inflation rises to 3.4% in January
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Saudi Arabia’s inflation rose month-on-month to 3.4% in January 2023, according to recent data by the General Authority for Statistics (GASTAT).
The inflation rate is the highest since June 2021, when it reached 6.2%.
The cost-of-living index for January rose to 108.75 points, according to the base year 2018, from 105.22 points in the same month a year earlier.
Inflation is measured by the change percentage in the cost of living between the current period and the corresponding period of the previous year. The increase or decline of inflation is measured compared to the previous month.
|
Saudi Inflation Rate |
|
|
Month |
Inflation rate |
|
January 2021 |
5.7% |
|
February |
5.2% |
|
March |
4.9% |
|
April |
5.3% |
|
May |
5.7% |
|
June |
6.2% |
|
July |
0.4% |
|
August |
0.3% |
|
September |
0.6% |
|
October |
0.8% |
|
November |
1.1% |
|
December |
1.2% |
|
January 2022 |
1.2% |
|
February |
1.6% |
|
March |
2.0% |
|
April |
2.3% |
|
May |
2.2% |
|
June |
2.3% |
|
July |
2.7% |
|
August |
3.0% |
|
September |
3.1% |
|
October |
3.0% |
|
November |
2.9% |
|
December |
3.3% |
|
January 2023 |
3.4% |
The higher consumer price index (CPI) was mainly driven by a 6.6% year-on-year (YoY) rise in housing, water, electricity, gas and other fuels prices, and an increase of 4.2% in food & beverage prices.
Actual housing rents increased by 7.7% in January, reflecting growth in apartment rent prices by 19.3%. The rise in this section had a significant impact on the annual inflation hike for January, given its weight in the index.
The rise in the food and beverage section was due to an increase in food prices by 4.3% on 6.1% growth in meat and poultry as well as 15.8% rise in milk and egg prices.
|
CPI YoY Comparison (January 2023) |
|
|
Main Groups |
Change |
|
Housing, Water, Electricity, Gas & Other Fuels |
6.6% |
|
Restaurants & Hotels |
6.5% |
|
Food & Beverages |
4.2% |
|
Transport |
3.8% |
|
Education |
3.1% |
|
Healthcare |
1.2% |
|
Recreation & Culture |
1.1% |
|
Furnishing, Household Equipment & Maintenance |
0.2% |
|
Tobacco |
0.03% |
|
Communication |
(0.2%) |
|
Personal Goods & Services |
(0.4%) |
|
Clothing & Footwear |
(1.6%) |
Inflation in eight out of 16 cities increased, topped by Arar. It was followed by Najran, Dammam, Riyadh, Makkah, Taif, Al Hofuf and Buraydah.
Inflation in Hail and Jeddah was stable. Meanwhile, six cities witnessed a decline in inflation, led by Abha and Jazan.
|
Inflation Rate by City |
|||||||
|
City |
January 2023 |
December |
November |
October |
September |
August |
January |
|
Riyadh |
4.1% |
3.8% |
2.9% |
2.8% |
3.2% |
3.6% |
2.5% |
|
Makkah |
2.5% |
2.2% |
2.4% |
2.5% |
2.4% |
1.7% |
1.7% |
|
Jeddah |
6.8% |
6.8% |
6.0% |
5.4% |
4.3% |
3.8% |
(1.5%) |
|
Dammam |
0.7% |
0.1% |
0.8% |
2.2% |
3.1% |
3.3% |
1.4% |
|
Madinah |
1.0% |
1.5% |
1.9% |
2.4% |
2.3% |
1.9% |
2.2% |
|
Taif |
2.1% |
1.9% |
1.8% |
1.5% |
1.6% |
1.7% |
(0.8%) |
|
Al Hofuf |
3.5% |
3.3% |
3.1% |
3.3% |
2.7% |
1.8% |
(0.1%) |
|
Abha |
0.02% |
1.7% |
2.3% |
2.9% |
2.7% |
2.5% |
(2.3%) |
|
Buraydah |
1.7% |
1.6% |
1.8% |
2.3% |
2.2% |
2.1% |
1.3% |
|
Tabuk |
1.2% |
1.6% |
1.5% |
1.7% |
2.0% |
1.9% |
0.4% |
|
Hail |
2.1% |
2.1% |
2.3% |
2.2% |
1.6% |
1.5% |
0.9% |
|
Jazan |
1.9% |
3.0% |
2.5% |
2.1% |
5.3% |
5.5% |
4.4% |
|
Najran |
2.0% |
0.7% |
(0.3%) |
(0.5%) |
(0.6%) |
(0.4%) |
3.2% |
|
Al-Baha |
0.8% |
0.9% |
1.6% |
1.7% |
1.7% |
2.2% |
2.9% |
|
Sakaka |
1.4% |
2.2% |
2.4% |
3.3% |
3.9% |
3.5% |
4.0% |
|
Arar |
1.3% |
(0.1%) |
0.5% |
(0.1%) |
0.9% |
1.6% |
0.9% |
|
Total |
3.4% |
3.3% |
2.9% |
3.0% |
3.1% |
3.0% |
1.2% |
The CPI reflects price changes of a fixed basket of goods and services that includes 490 items. The items were chosen based on the results of the Household Expenditure and Income Survey conducted in 2018.
Prices are collected through the point of sale (POS) field visits.
|
Relative Importance of Main Expenditure Category |
|
|
Expenditure Groups (2018) |
Percentage |
|
General Index |
100.0% |
|
Housing, Water, Electricity, Gas & Other Fuels |
25.50% |
|
Food & Beverages |
18.78% |
|
Transport |
13.05% |
|
Personal Goods & Services |
12.57% |
|
Furnishing, Household Equipment & Maintenance |
6.74% |
|
Communication |
5.62% |
|
Restaurants & Hotels |
5.60% |
|
Clothes & Footwear |
4.20% |
|
Recreation & Culture |
3.06% |
|
Education |
2.87% |
|
Healthcare |
1.43% |
|
Tobacco |
0.60% |
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