Changes in Food Prices Cause Saudi Inflation to Drop to 1.6%: GASTAT

Changes in Food Prices Cause Saudi Inflation to Drop to 1.6%: GASTAT

RIYADH: Due to adjustments in the food and beverage industry, Saudi Arabia’s inflation rate decreased to 1.6 percent in March from 1.8 percent in February.

According to the most recent report from the General Authority for Statistics, the Kingdom’s Consumer Price Index declined 0.1 percent in March compared to February. A 0.6 percent drop in the price of meat and poultry was the main cause of the food and beverage sector’s 0.7 percent dip in the monthly inflation index.

In addition, prices fell by 0.7 percent in the home equipment, transportation, and furnishing sectors. Likewise, there were declines in communications, tobacco, recreation, and culture, with declines of 0.9 percent, 0.3 percent, and 0.1 percent, respectively.

On the other hand, there was a 0.7% increase in costs for housing, water, electricity, gas, and other fuel; additionally, there was a 0.3% increase for personal goods and services; and a 0.1% increase for apparel and footwear. However, the cost of health, dining out, lodging, and education mainly remained the same in March. Actual housing rents increased by 10.5 percent in March 2024, influenced by the increase in villa rents by 9.7 percent. This increase significantly impacted the annual inflation rate for March 2024 due to the weight of this sector (21 percent),” stated the GASTAT report.

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