Saudi annual inflation at 3.0% in October 2022

In October 2022, the Consumer Price Index (CPI) increased by 3.0%, compared to October 2021. The main driver of CPI inflation in October was the higher prices of food and beverages by (+4.4%) and Housing, water, electricity, gas, and other fuels by (+3.3%).

Food prices main driver of inflation in October 2022

Food and beverage prices increased by 4.4%, mainly due to food prices (4.6%), and in particular meat prices (+6.1%). Food and beverages prices were the main driver of the inflation rate in October 2022 due to their high relative importance in the Saudi consumer basket (with a weight of 18.8%).

Housing, water, electricity, gas, and other fuel prices increased by 3.3%, as a result of the increase in actual rentals for housing by 3.7%.

Transport prices increased by 4.4%, mainly due to the increase in purchase of motor cars prices (+5.8%).

Personal goods and services prices increased by 0.9%, mainly resulting from the increase in wedding hall rental prices by (+8.5%).

Restaurants and hotels prices increased by 6.8%, due to the increase in catering services prices by 6.8%.

Recreation & culture prices increased by 2.9%, mainly resulting from the increase in Charges of renting the rest houses & camps by 15.1%.

In contrast, clothing and footwear prices decreased by 1.2% due to the decrease in garments prices (- 2.5%).

Prices increase by 0.2% compared to September 2022

Compared to September 2022, consumer prices increased slightly by 0.2%.

The monthly CPI was affected by the increase in housing, water, electricity, gas, and other fuels prices by 0.9%, as a result of the increase in actual rentals for housing by +1.1%.

Restaurants and hotels prices increased by 0.4%, due to the increase in catering services prices by 0.3%, education prices increased by 1.9%, communication prices increased by 1.2%, transport increased by 0.1%, and health increased by 0.1%.

Prices of personal goods and services decreased by 0.6%. Clothing and footwear decreased by 0.2%, food and beverage decreased by 0.4% and Recreation & Culture decreased by 0.5%.