Saudi Arabia's Inflation Rate Increases to 1.7% in 2024

KSA, 21 January, 2025 : Saudi Arabia's average annual inflation rate for 2024 increased to 1.7%, up from the previous year's 2023 rate. The general price index reached 111.30 points in 2024, based on the 2018 reference year, compared to 109.45 points in 2023, according to the General Authority for Statistics (GASTAT).

The rise in inflation was mainly driven by an 8.8% increase in housing, water, electricity, gas, and other fuels, with housing rents up by 10.6%. Additionally, food and beverage prices rose by 0.8%, and prices in the restaurants and hotels sector increased by 2%, contributing to the overall inflation rate.