Saudi Arabia's average annual inflation rises to 1.7% in 2024

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Saudi Arabia's inflation in 2024 rose to 1.7%, compared to a year earlier, according to data from the General Authority for Statistics (GASTAT).

The cost-of-living index stood at 111.30 points in 2024, according to the base year 2018, compared to 109.45 points in 2023.

Inflation is measured by the percentage change in the cost of living between the current and the year-ago periods. The increase or decline in inflation is measured compared to the previous month.

GASTAT attributed this rise in prices primarily to an 8.8% increase in housing, water, electricity, gas, and other fuels, which contributed to upward pressure on inflation. This was due to a 10.6% rise in housing rental prices.

Food and beverage prices increased by 0.8% in 2024, while restaurant and hotel prices went up by 2%, along with other price hikes across various sectors.

On the other hand, clothing and footwear prices decreased by 3.4%, as did furnishings and household equipment. Transportation costs also dropped by 2.4%, alongside a decline in several other sectors.

The Consumer Price Index (CPI) reflects changes in the prices consumers pay for a fixed basket of goods and services, which includes 490 items selected based on the results of the 2018 expenditure and income survey. Prices are collected through field visits to retail points of sale.

The following table outlines the adjusted relative ice of each sector in calmportanculating the inflation index: