Saudi inflation up by 2.7 percent | MENAFN.COM

Friday, 07 October 2022 06:24 GMT

Saudi inflation up by 2.7 percent


(MENAFN) Saudi Arabia’s consumer price index went up 2.7 per cent in July from 2021, according to government data on Monday, rising from a 2.3 per cent speed two months ago.

The food and beverages segment increased 3.9 per cent, mainly as a result of higher food costs and meat costs mainly, which increased as much as 5.1 per cent, as stated by the General Authority for Statistics.

“Food and beverages prices were the main driver of the inflation rate in July 2022 due to their high relative importance in the Saudi consumer basket (with a weight of 18.8 per cent),” it added.
The Saudi CPI soared 0.5 per cent in July from June, in step with the monthly data.

Saudi inflation currently reached or near to a top and will progressively fall back over the rest of 2022 and next, on the words of Jason Tuvey, senior emerging markets economist at Capital Economics in London.

“Looking ahead, we think that headline inflation is now probably at or very close to a peak. Food inflation should continue to drop back and the government’s cap on local fuel prices will help to contain energy inflation,” Tuvey declared in a report to clients.

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