Saudi Arabia’s inflation remained stable at 1.6 percent in January, compared to 1.5 percent in December 2023, official data showed.
According to the latest report from the General Authority for Statistics, the monthly consumer price index was primarily influenced by a 1.1 percent increase in prices for housing, water, electricity, gas, and other fuels. This uptick was driven by a 1.2 percent rise in actual rents for housing.
In January, expenses for food and beverages rose by 0.3 percent, while restaurant prices increased by 0.2 percent.
“Prices for rents were the main driver of the inflation rate in January 2024 due to their high relative importance in the Saudi consumer basket with a weight of 21 percent,” stated the GASTAT report.
However, prices for personal goods and services decreased by 0.5 percent in January compared to the previous month.
Similarly, expenses for transport declined by 0.1 percent, and clothing and footwear prices dropped by 0.6 percent.
Healthcare expenses and tobacco prices decreased by 0.6 percent and 0.7 percent, respectively, compared to December 2023.
Compared to January 2023, housing, water, electricity, gas, and other fuels prices increased by 7.8 percent last month, driven by a 9.3 percent rise in actual rents.