Riyadh October 15 2024: Saudi Arabia annual inflation rate reached 1.7% in September 2024, compared to September 2023 on the back of rise in the prices of housing, water, electricity, gas, and other fuels by 9.3%, as well as the increase in prices of food and beverages by 0.8%, as per data released by General Authority for Statistics (GASTAT).
Meanwhile, prices of transportation decreased by 3.3%.
The Housing, Water, Electricity, Gas and Other Fuels Section increased by 9.3%, which was affected by the increase in the group of rents paid for housing by 11.2% in September 2024, affected by the increase in apartment rental prices by 10.0%, and the increase in this section had a significant impact on the continuation of the annual inflation pace for the month of September 2024 due to the weight formed by this section, which amounts to (25.5%).
Similarly, food and beverage prices increased by 0.8%, influenced by a 5.2% rise in vegetables prices. Prices in the restaurants and hotels sector also rose by 1.7%, driven by a 1.5% increase in catering service prices.
Meanwhile, the education sector witnessed an increase of 1.6%, due to a rise in the fees of intermediate and secondary education by 3.8%. On the other hand, prices of furnishing and home equipment decreased by 3.7%, influenced by a decline in furniture, carpets, and flooring prices by 7.0%. Similarly, prices of clothing and footwear decreased by 3.2%, influenced by a 5.5% decline in ready-made clothing prices. Transportation prices also decreased by 3.3%, affected by a 4.5% decrease in vehicle purchase prices.
In September 2024, the consumer price index recorded a slight increase of 0.1% compared to August 2024. This monthly inflation index was influenced by a 0.6% rise in housing, water, electricity, gas, and other fuels, which in turn, was affected by a 0.8% increase in actual housing rents and prices.
The index also witnessed an increase in the prices of food and beverage by 0.3%, driven by a 1.6% rise in vegetables and prices. Restaurants and hotels along with personal goods and services both increased by 0.1% . However, the index witnessed a decrease in the prices of transportation by 0.4%, recreation and culture by 0.3%, furnishing and home equipment by 0.3% clothing and footwear, by 0.2%, communications by 0.1%, and tobacco by 0.1%.
On the other hand, prices of education and health did not show any significant change in September 2024.
