Inflation in Saudi Arabia Increases to 3.3%
- Publish date: Monday، 16 January 2023
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Based on the most recent data shared by the General Authority for Statistics (GASTAT), inflation in Saudi Arabia soared to 3.3% on an annual basis in December in comparison to the preceding month which is the highest since June 2021 when it reached 6.2%.
The most well-known indicator of inflation is Consumer Price Index (CPI) which is determined by the change rate in the cost of living between the current timespan and the equivalent timespan of the prior year.
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The rise or fall of inflation is measured in comparison to the preceding month and it expressed in percentage terms.
The inflation rate increase in December year-on-year was attributed by the authority to the rise in housing, water, electricity, gas, and other fuels by 5.9 percent as well as an increase the prices of food and beverages by 4.2 percent.
The consumer price index (CPI) indicates the changes in price of a fixed basket of goods and services that has 490 items which are picked based on the outcomes of the Household Expenditure and Income Survey carried out in 2018.
The rise in housing, water, electricity, gas, and other fuels was impacted by the rise of 6.8 percent in rental prices paid for housing, which was consecutively influenced by the rise in apartment rental prices by 18.1 percent.