GASTAT: Saudi CPI surges 2.2% during May

Saudi Arabia’s consumer price index (CPI) soared 2.2% in May from a year earlier, government data showed on Wednesday.

The Saudi General Authority for Statistics (GASTAT) said in a statement that CPI slowed from a 2.3% pace in April.

GASTAT said the indicator rose as the food and beverages segment advanced 4.2% and transport prices were up 4%.

Food and beverage prices increased by 4.2%, mainly due to food prices (4.6%), and in particular meat prices (+3.4%). Food and beverages prices were the main driver of the inflation rate in May 2022 due to their high relative importance in the Saudi consumer basket (with a weight of 18.8%).

Transport prices increased by 4.0%, mainly due to the increase in purchase of vehicles prices by 4.7%, which can be attributed to the increase in motor cars prices (+4.7%).

Personal goods and services prices increased by 2.1%, mainly resulting from the increase in prices of wedding hall rental (+17.2%). education prices increased by 6.2%, mainly resulting from the increase in secondary education fees by 13.8%.

Restaurants and hotels prices increased by 4.1%, due to the increase in catering services prices by 3.9%. Housing, water, electricity, gas, and other fuels prices increased by 0.5%, as a result of the increase in rents for housing by 0.5%.

Meanwhile, the Wholesale price index in the Kingdom rose 10.2% in May (Y/Y) % compared to the same month in 2021, down from 10.7% in April. The increase resulted mainly from the increase in other transportable goods prices (+12.0%) that have a relatively high weight in the index.

Other transportable goods increased by 12.0%, due to the increase of basic chemicals prices by 56.8%, and refined petroleum products prices by 7.7%, due to their weight in the index.

Metal products, machinery and equipment prices increased by 7.7%, due to higher prices of basic metals (10.8%), and generalpurpose machinery prices (12.2%).

Agriculture and fishery products prices increased by 17.1%, which resulted mainly from higher prices of agricultural products (19.4%), and live animals and animal products (13.1%).

Food products, beverages, tobacco and textiles prices increased by 8.3%, as a result of the increase in the prices of meat, fish, fruits, vegetables, oils and fats (20.7%).

Ores and minerals prices went up by 8.6%, due to the increase in stones and sand prices (8.6%).