Saudi Inflation Drops to 1.6% in March Amid Food Price Changes: GASTAT

KSA, 16 April, 2024 : Saudi Arabia’s inflation rate eased to 1.6% in March, down from 1.8% in February, according to the General Authority for Statistics (GASTAT). The Consumer Price Index in March saw a slight decrease of 0.1%.

The drop was mainly attributed to a 0.7% decline in the food and beverage sector, with meat and poultry prices falling by 0.6%. Prices in transportation, furnishing, and home equipment sectors also decreased by 0.7% each. Conversely, housing, water, electricity, and fuel prices increased by 0.7%.

On an annual basis, inflation rose by 1.6% in March 2024 compared to the same period last year. This increase was driven by an 8.8% surge in housing, water, electricity, and fuel prices.

Rental prices were the main contributor to the annual inflation, rising by 10.5% in March 2024. Meanwhile, prices in restaurants and hotels increased by 2.4%, and education fees rose by 1.2%.

In a separate report, GASTAT noted a 3.8% increase in Saudi Arabia’s Wholesale Price Index (WPI) in March year-on-year. The rise was led by a 25.2% increase in basic chemicals and a 12% jump in refined petroleum products.

Real estate prices also showed an uptick in the first quarter of 2024, with the Real Estate Price Index rising by 0.6% compared to the same period in 2023. Residential land costs saw a 1.2% increase, while commercial real estate prices declined by 0.5%.

Additionally, GASTAT highlighted that local melons and pumpkins saw significant price increases in March, while onions and potatoes experienced notable declines.

Source : www.arabnews.com