Saudi Arabia annual inflation rate reaches 1.5% in July 2024

The annual inflation rate in Saudi Arabia reached 1.5% in July 2024, compared to July 2023. This is primarily attributed to the rise in prices of housing, water, electricity, gas, and other fuels by 9.3%, as well as the increase in prices of food and beverages by 0.4%. Meanwhile, prices of transportation decreased by 3.5%.

Rental prices main driver of inflation in July 2024 compared to July 2023

Actual housing rents increased by 11.1% in July 2024, influenced by the increase in apartment rental prices by 12.0%. The increase in this category had a significant impact on maintaining the annual inflation rate for July 2024, given the weight this group represents (21.0%).

Similarly, food and beverage prices increased by 0.4%, influenced by a 5.3% rise in vegetables prices. Prices of restaurants and hotels also rose by 2.3%, affected by a 7.0% increase in accommodation services prices.

Meanwhile, the education sector witnessed an increase of 1.6%, driven by the rise in fees for intermediate and secondary education by 3.8%.

On the other hand, prices of furnishing and home equipment decreased by 3.4%, influenced by a decline in furniture, carpets, and flooring prices by 5.6% Similarly, prices of clothing and footwear decreased by 3.0%, influenced by a 5.5% decline in ready-made clothing prices. Transportation prices also decreased by 3.5%, affected by a 4.8% decrease in vehicle purchase prices.

Saudi Arabia annual inflation rate reaches 1.5% in July 2024

The annual inflation rate in Saudi Arabia reached 1.5% in July 2024, compared to July 2023. This is primarily attributed to the rise in prices of housing, water, electricity, gas, and other fuels by 9.3%, as well as the increase in prices of food and beverages by 0.4%. Meanwhile, prices of transportation decreased by 3.5%.

Rental prices main driver of inflation in July 2024 compared to July 2023

Actual housing rents increased by 11.1% in July 2024, influenced by the increase in apartment rental prices by 12.0%. The increase in this category had a significant impact on maintaining the annual inflation rate for July 2024, given the weight this group represents (21.0%).

Similarly, food and beverage prices increased by 0.4%, influenced by a 5.3% rise in vegetables prices. Prices of restaurants and hotels also rose by 2.3%, affected by a 7.0% increase in accommodation services prices.

Meanwhile, the education sector witnessed an increase of 1.6%, driven by the rise in fees for intermediate and secondary education by 3.8%.

On the other hand, prices of furnishing and home equipment decreased by 3.4%, influenced by a decline in furniture, carpets, and flooring prices by 5.6% Similarly, prices of clothing and footwear decreased by 3.0%, influenced by a 5.5% decline in ready-made clothing prices. Transportation prices also decreased by 3.5%, affected by a 4.8% decrease in vehicle purchase prices.