GASTAT report: Saudi inflation surges 2.9 percent last month YoY

2022-12-18 12:51:44

(MENAFN) Saudi Arabia’s year on year inflation rate saw a surge of by 2.9 percent last month in comparison with the same period in 2021, triggered by an increase in residential, water, as well as food prices, as shown by the most recent data issued by the General Authority for Statistics.

Nonetheless, the inflation rate, lowered from 3 percent two months ago (October) and 3.1 percent in the month before (September).

The report from GASTAT indicated that residential, water, electricity, gas, as well as additional fuel costs rose by 4.7 percent because of the jump in actual rentals for housing which went jumped 5.3 percent last month.

“Prices for housing were the main driver of the inflation rate in November 2022 due to their high relative importance in the Saudi consumer basket with a weight of 25.5 percent,” according to GASTAT report.

In line with the report, food costs last month climbed 3.6 percent, whereas meat costs alone soared 4.5 percent.

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