Saudi inflation falls to 3% in February

15/03/2023 Argaam Special
Shopping cart

Shopping cart


Saudi Arabia’s inflation fell month-on-month to 3% in February 2023, according to recent data by the General Authority for Statistics (GASTAT).

 

The cost-of-living index for February dropped to 108.67 points, according to the base year 2018, from 105.55 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 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%

February 

3.0%

 

The higher consumer price index (CPI) was mainly driven by a 7% year-on-year (YoY) rise in housing, water, electricity, gas and other fuels prices, and an increase of 3.1% in food & beverage prices. 

 

Actual housing rents increased by 8.3% in February, reflecting growth in apartment rent prices by 21.4%. The rise in this section had a significant impact on the annual inflation hike for February, 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 (February 2023)

Main Groups

Change

Housing, Water, Electricity, Gas & Other Fuels

7.0%

Restaurants & Hotels

6.5%

Education

3.1%

Food & Beverages

3.1%

Transport

2.7%

Healthcare

1.1%

Recreation & Culture

0.9%

Tobacco

0.1%

Communications

(0.4%)

Personal Goods & Services

(06%)

Furnishing, Household Equipment & Maintenance

(1.0%)

Clothing & Footwear

(2.2%)

 

 

City

 

February

2023

January 2023

December
2022

November
2022

October
2022

September
2022

August
2022

January
2022

Riyadh

2.9 %

4.1%

3.8%

2.9%

2.8%

3.2%

3.6%

2.5%

Makkah

2.9 %

2.5%

2.2%

2.4%

2.5%

2.4%

1.7%

1.7%

Jeddah

6.7 %

6.8%

6.8%

6.0%

5.4%

4.3%

3.8%

(1.5%)

Dammam

0.9 %

0.7%

0.1%

0.8%

2.2%

3.1%

3.3%

1.4%

Madinah

1.2 %

1.0%

1.5%

1.9%

2.4%

2.3%

1.9%

2.2%

Taif

1.8 %

2.1%

1.9%

1.8%

1.5%

1.6%

1.7%

(0.8%)

Al Hofuf

3.5 %

3.5%

3.3%

3.1%

3.3%

2.7%

1.8%

(0.1%)

Abha

0.2 %

0.02%

1.7%

2.3%

2.9%

2.7%

2.5%

(2.3%)

Buraydah

2.0 %

1.7%

1.6%

1.8%

2.3%

2.2%

2.1%

1.3%

Tabuk

1.1 %

1.2%

1.6%

1.5%

1.7%

2.0%

1.9%

0.4%

Hail

2.0 %

2.1%

2.1%

2.3%

2.2%

1.6%

1.5%

0.9%

Jazan

0.3 %

1.9%

3.0%

2.5%

2.1%

5.3%

5.5%

4.4%

Najran

1.3 %

2.0%

0.7%

(0.3%)

(0.5%)

(0.6%)

(0.4%)

3.2%

Al-Baha

0.9 %

0.8%

0.9%

1.6%

1.7%

1.7%

2.2%

2.9%

Sakaka

1.3 %

1.4%

2.2%

2.4%

3.3%

3.9%

3.5%

4.0%

Arar

0.7 %

1.3%

(0.1%)

0.5%

(0.1%)

0.9%

1.6%

0.9%

Total

3.0 %

3.4%

3.3%

2.9%

3.0%

3.1%

3.0%

1.2%

 

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
2022

November
2022

October
2022

September
2022

August
2022

January
2022

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%

 

Details and Historical Data of Inflation 

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.