Saudi Arabia's Inflation Holds Steady at 1.7% in September, Driven by Rising Rental Prices

KSA, 16 October, 2024 : Saudi Arabia's Consumer Price Index (CPI) remained steady at 1.7% in September 2024 compared to the same month last year, indicating economic stability. This was revealed in the monthly report by the General Authority for Statistics (GASTAT) on Tuesday.

The report highlighted that rental prices were the primary driver of inflation, with housing, water, electricity, gas, and fuel prices rising by 9.3%. Rental costs increased by 11.2%, significantly impacting the inflation rate due to their weight in the CPI, which accounts for 25.5% of the total index. Food and beverage prices also rose by 0.8%, driven largely by a 5.2% increase in vegetable prices.

While the education sector saw a 1.6% increase in fees, prices for transportation decreased by 3.3%, influenced by a 4.5% drop in vehicle purchase costs. The overall CPI recorded a slight monthly increase of 0.1% from August, attributed to a 0.6% rise in housing and utility costs.

GASTAT's CPI measures the price changes of a fixed basket of 490 goods and services, reflecting consumer spending trends based on a 2018 household income survey.

Source : www.saudigazette.com.sa