Riyadh October 15 2023: In September 2023, the Consumer Price Index (CPI) increased by 1.7%, compared to September 2022, down from 2.0% in the previous
month (August 2023).
Compared to August 2023, consumer prices remained stable in September 2023 (0.01% increase).
The main driver of CPI inflation in September was higher prices of housing, water, electricity, gas, and other fuels (8.1%) and prices of restaurants and hotels (2.5%).
Actual rents for housing increased by 9.8% in September 2023, reflecting the increase in rents for apartments Of 19.8%. Prices for rents were the main driver of the inflation rate in September 2023 due to their high relative importance in the Saudi consumer basket (with a weight of 21.0%).
Restaurants and hotels prices increased by 2.5%, due to the increase in catering services prices (2.1%).
Education prices increased by 1.8%, mainly resulting from the increase in tertiary education prices by 5.5%. Recreation and culture prices increased by 1.2%, due to the increase in package holidays prices by 6.7%. In contrast, furnishings, household equipment & maintenance prices decreased by 2.8%, due to the decrease in furniture, carpets and other floor coverings (-3.6%). Clothing and footwear prices decreased by 3.6%, due to the decrease in garments prices (-5.3%), Food and beverages prices decreased by 0.2%, due to the decrease in vegetables prices (6.3%).
Compared to August 2023, consumer prices remained stable in September 2023 (0.01% increase). The monthly CPI was affected by the increase in housing, water,
electricity, gas, and other fuels prices by 0.3%, as a result of the increase in actual rents for housing by 0.3%.
Food and beverages prices increased by 0.4%,and tobacco prices increased by 0.1%. However, prices of transport decreased by 0.5%, furnishings and household equipment decreased by 0.1%, clothing and footwear decreased by -0.2%, personal goods and services decreased by -0.3%, restaurants and hotels decreased by -0.1%, communications decreased by -0.1%, and recreation and culture decreased by -0.4%.