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HomeEconomySaudi Inflation Rate Holds Steady Amid Rising Housing Costs

Saudi Inflation Rate Holds Steady Amid Rising Housing Costs

Housing Rent Surge Fails to Spike Inflation in KSA

August 18, 2024
in Economy
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In July, the yearly inflation rate in Saudi Arabia remained constant at 1.5 percent, the same as the previous month’s record low since December 2023. This stability was reported by the General Authority for Statistics (GASTAT) and occurs in spite of a significant surge in housing rental costs.

Housing rentals experienced an 11.1 percent increase over the past year, marking the highest jump since records began in 2013. Apartment rents alone climbed by 12 percent. In the preceding month of June, housing prices had already seen a substantial rise of 10.1 percent.

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The food and beverages sector saw a modest increase of 0.4 percent, influenced by a 5.3 percent hike in vegetable prices. Additionally, the cost of hotel services and furnished apartments led to a 2.3 percent rise in the restaurants and hotels category, while educational expenses went up by 1.6 percent, driven by a 3.8 percent increase in fees for intermediate and secondary education.

Conversely, consumer prices in about nine categories fell, with decreases ranging from 1.2 to 3.5 percent. This downturn, most notably the 3.5 percent dip in transportation due to a 4.8 percent fall in vehicle purchase prices, helped curb a potential rise in inflation rates over the month.

The resilience of Saudi Arabia’s inflation rate underscores the strength and robustness of the nation’s economy. It also reflects the effectiveness of the proactive economic strategies and measures the Kingdom adopted to counter global inflationary pressures and price hikes.

The Consumer Price Index (CPI), which gauges the changes in consumer expenditures for a set basket of goods and services, is compiled from a variety of 490 items. This basket, based on a household income survey from 2018, reflects the relative importance of each item. Data for the CPI is gathered through field visits to various sales points, and the monthly CPI statistics are publicly released to track consumer price trends in the Kingdom.

Tags: CPIGASTATHousing RentsSaudi economySaudi Inflation
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