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Saudi Arabia’s inflation rose to 3% in August 2022 compared to July, according to recent data by the General Authority for Statistics (GASTAT).
The inflation rate for the last month was the highest in 14 months, or since June 2021, when it reached 6.2%.
The cost-of-living index for August rose to 107.61 points, according to the base year 2018, compared to 104.48 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% |
The increase in the consumer price index (CPI) was mainly driven by a 4% year-on-year (YoY) rise in food and beverage, and transport prices.
The table below illustrates the YoY change in August’s CPI:
|
CPI YoY Comparison – August 2021-2022 |
|
|
Main Groups |
Change |
|
Restaurants & Hotels |
7.3 % |
|
Education |
5.7 % |
|
Recreation & Culture |
5.1 % |
|
Food & Beverages |
4.0 % |
|
Transport |
4.0 % |
|
Housing, Water, Electricity, Gas & Other Fuels |
2.5 % |
|
Personal Goods & Services |
2.1 % |
|
Furnishing, Household Equipment & Maintenance |
1.6 % |
|
Healthcare |
0.6 % |
|
Communication |
0.4 % |
|
Tobacco |
0.3 % |
|
Clothing & Footwear |
(0.9%) |
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 Major Sectors |
|
|
Expenditure Groups (2018) |
Percent |
|
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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