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Jeddah - Yasmine El Tohamy - RIYADH: 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.
Similarly, food and beverage prices increased by 1 percent in January compared to the same month of the previous year, while expenses for restaurants and hotels edged up by 2.4 percent during the same period.
In contrast, prices for furnishings, household equipment, and maintenance decreased by 3.3 percent year-on-year in January.
Additionally, clothing and footwear prices dipped by 4.1 percent in January compared to the year-ago period, while transport expenses slid by 1.1 percent.
Meanwhile, in another report, GASTAT noted that Saudi Arabia’s wholesale price index rose by 4.3 percent in January 2024 compared to the same month in 2023.
According to the authority, this rise in WPI was driven by basic chemical prices, which went up by 34 percent.
In January 2024, expenses of refined petroleum products increased by 12 percent compared to the year-ago period.
Additionally, Saudi Arabia’s WPI rose by 2 percent in January compared to December 2023, driven by a 5.0 percent increase in the prices of other transportable goods.
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