Saudi Arabia's inflation jumped to 2.7 percent last month on surging food, transport costs

(MENAFN) Consumer prices in Saudi Arabia surged by 2.7 percent on a yearly basis last month, as a rise in worldwide food costs, made worse by the Russia-Ukraine war, came in extra to inflationary weights.

The Consumer Price Index last month was also more than the 2.3 percent level of inflation registered in June, Saudi Arabia’s General Authority for Statistics stated in the most recent CPI figures issued on Monday.

Whole food and beverage costs surged 3.9 percent as well as “were the main driver of the inflation rate in July due to their high relative importance in the Saudi consumer basket, with a weight of 18.8 per cent", the Gastat report noted.

Transport prices jumped 3.6 percent, motivated mainly by a 4.2 percent rise in the costs of cars in the nation.

The price of personal goods as well as facilities climbed by 2.1 percent on a year-on-year basis, whereas restaurant and hotel prices saw a rise of 6.3 percent.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.