Thursday, 25 July 2024

Inflation in Saudi Arabia stable for the third month in a row

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The General Authority for Statistics revealed that the annual inflation rate in the Kingdom reached 1.6% during the month of May for the third month in a row, and this was mainly due to the increase in the prices of the housing, water, electricity, gas and other types of fuel by 8.7% and the prices of the food and beverage section by 1.4% compared to a decrease in prices. Transportation department prices increased by 2.4%.

According to the Authority, the consumer price index recorded a slight increase in May 2024 by 0.2% compared to April 2024. The monthly inflation index was affected by an increase in housing, water, electricity, gas and other types of fuel by 0.4%, which in turn was affected by an increase in actual housing rental prices by 0.5%.

The index also witnessed an increase in the prices of: the food and beverages section by 0.7%, the restaurants and hotels section by 0.2%, and the miscellaneous personal goods and services section by 0.1%.

While the index witnessed a decrease in the prices of: the clothing and shoes section by 0.6%, the transportation section by 0, the entertainment and culture section by 0.2%, the communications section by 0.2%, and the health section by 0.1%.

On the other hand, the prices of education services, the home furnishing and equipment section, and tobacco products did not record a significant relative change.

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