Riyadh November 14 2024: The annual inflation rate in the Kingdom reached 1.9 percent in October 2024, compared to October 2023, according to data released by General Authority for Statistics.
This is primarily attributed to the rise in the prices of housing, water, electricity, gas, and other fuels by 9.6 percent, as well as the increase in the prices of personal goods and services by 2.3 percent. Meanwhile, the prices of transportation decreased by 3.1 percent.
The section of housing, water, electricity, gas and other fuels section increased by 9.6 percent, which was affected by the increase in rents paid for housing by 11.6 percent in October 2024, due to the increase in apartment rental prices by 11.3 percent. The increase in this section had a significant impact on the continuation of the annual inflation pace for the month of October 2024 due to the weight formed by this section, which amounted to (25.5 percent).
Similarly, personal goods and services prices increased by 2.3 percent, influenced by a 24.1 percent rise in jewelry, watches of all kinds, and precious antiques prices. Prices of restaurants and hotels sector also rose by 1.9 percent, driven by a 3.6 percent increase in hotel and furnished apartment services prices.
Meanwhile, the education sector witnessed an increase of 1.1 percent, due to a rise in the fees of intermediate and secondary education by 1.8 percent. Food and beverage prices increased slightly by 0.1 percent, driven by a 2.6 percent increase in vegetable prices.
On the other hand, prices of furnishing and home equipment decreased by 3.1 percent, influenced by a decline in furniture, carpets, and flooring prices by 5.0 percent. Similarly, prices of clothing and footwear decreased by 2.7 percent, influenced by a 5.1 percent decline in ready-made clothing prices. Transportation prices also decreased by 3.1 percent, affected by a 4.2 percent decrease in vehicle purchase prices.
In October2024 , the consumer price index recorded a slight increase of 0.3 percent compared to September 2024. This monthly inflation index was influenced by a 0.8 percent rise in the section of housing, water, electricity, gas, and other fuels, which in turn, was affected by a 1.0 percent increase in actual housing rents and prices.
The index also witnessed an increase in the prices of personal goods and services by 0.4 percent, driven by a 2.3 percent rise in jewelry, watches of all kinds and precious antiques and prices. Transport increased by 0.3 percent, education increased by 0.5 percent, furnishings, household equipment and maintenance increased by 0.4 percent, clothing and footwear fuels increased by 0.2 percent, and recreation and culture increased by 0.1 percent .
However, the index witnessed a decrease in the prices of food and beverages by 0.2 percent, health by 0.1 percent, and communications by 0.1 percent. On the other hand, the prices of restaurants and hotels, and tobacco did not show any significant change in October2024.
