Riyadh January 16 2024: Saudi Arabia consumer Price Index (CPI) increased by 1.5% in December 2023, compared to December 2022, down from 1.7% in the previous month (November 2023), according to General Authority of Statistics.
The main driver of CPI inflation in November was higher prices of housing, water, electricity, gas, and other fuels 7.5% and prices of food and beverages 1.2%.
Actual rents for housing increased by 9.0% in December 2023, reflecting the increase in rents for apartments of 12.1%. Prices for rents were the main driver of the inflation rate in December 2023 due to their high relative importance in the Saudi consumer basket (with a weight of 21.0%).
Food and beverages prices increased by 1.2% ؛ due to the increase in milk products and eggs 4.1%. Restaurants and hotels prices increased by 2.5%, due to the increase in catering services prices 2.2%.
Recreation and culture prices increased by 1.0%, due to the increase in package holidays prices by 7.1%.
Education prices increased by 0.8%, mainly resulting from the increase in secondary education prices by 3.1%.
In contrast, furnishings, household equipment & maintenance prices decreased by 3.2%, due to the decrease in furniture, carpets and other floor coverings 4.9%.
Clothing and footwear prices decreased by 4.2%, due to the decrease in garments prices 6.6%. Transport prices decreased by 1.3%, due to the decrease in purchase of motor cars 2.5%.
