In the final month of 2023, Saudi Arabia experienced a slight drop in its inflation rate, registering at 1.5 percent, a small retreat from the 1.7 percent observed in the preceding month, according to state statistics.
The data provided by the General Authority for Statistics showed that the month-over-month inflation decrease was influenced by a 0.3 percent reduction in the cost of food and drink items.
Additionally, December saw a 0.4 percent decline in transportation costs and a 0.3 percent fall in the prices for apparel and shoes when juxtaposed with November’s figures.
In contrast, December’s charges for educational services and tobacco products remained relatively stable, showing no substantial shift from the month before.
Despite these decreases, certain sectors saw price inflations; notably, housing, utility bills, and fuel costs climbed by 0.7 percent, and dining and hotel expenses rose by 0.4 percent.
When viewed on a year-over-year basis, the overall inflation rate in Saudi Arabia marked an increase of 1.5 percent in December 2023, as compared to the same period in the previous year.
This year-long inflation escalation was primarily ascribed to a notable 9 percent hike in housing rents recorded in December.