Saudi Arabia’s annual inflation rate accelerated to a 14-month high of 3 percent in August, up from 2.7 percent in July, according to data released by the General Authority for Statistics.
The uptick in the consumer price index, or CPI, is driven by a rise in food and beverage prices, GASTAT noted in a press release.
The annual growth in the price index for food and beverages stood at 4.0 percent in August, while meat prices surged 6.7 percent, according to GASTAT.
“The food and beverages prices were the main drivers of the inflation rate in August 2022 due to their high relative importance in the Saudi consumer basket with a weight of 18.8 percent,” GASAT said in the press release.
As for the monthly inflation rate, it went up by 0.4 percent in August — driven mainly by a 0.9 percent increase in food prices.
There was also a 0.4 percent rise in house utilities, gas and other fuels, according to the GASTAT press release.
“Personal goods and services prices increased by 0.3 percent, restaurants and hotels prices increased by 0.8 percent, as well as recreation and culture went up by 0.6 percent,” the GASTAT press releases added.
It is the third month in a row that the annual inflation has quickened, with May recording a 2.24 percent growth, followed by 2.31 percent and 2.67 percent in June and July respectively.
The 3 percent annual growth in CPI for August came in 0.2 percentage points above the analyst projection in a poll conducted by Bloomberg earlier this week.—AN
