Riyadh December 15 2024: The annual inflation rate in the Kingdom reached 16 months high of 2.0 percent in November 2024, compared to November 2023, according to data released by General Authority for Statistics.
This is primarily attributed to the rise in the prices of housing, water, electricity, gas, and other fuels by 9.1 percent, as well as the increase in the prices of personal goods and services by 2.7 percent. Meanwhile, the prices of transportation decreased by 2.5 percent.
The section of housing, water, electricity, gas and other fuels section increased by 9.1 percent, which was affected by the increase in rents paid for housing by 10.8 percent in November 2024, due to the increase in apartment rental prices by 12.5 percent. The increase in this section had a significant impact on the continuation of the annual inflation pace for the month of November 2024 due to the weight formed by this section, which amounted to (25.5 percent).
Similarly, personal goods and services prices increased by 2.7 percent, influenced by a 23.7 percent rise in jewelry, watches of all kinds and precious antiques prices. Prices of restaurants and hotels sector also rose by 1.5 percent, driven by a 5.9 percent increase in hotel and furnished apartment services prices.
Meanwhile, the education sector witnessed an increase of 1.1 percent, due to a rise in the fees of intermediate and secondary education by 1.8 percent. Food and beverage prices increased slightly by 0.3 percent, driven by a 1.9 percent increase in meat and poultry prices.
On the other hand, prices of furnishing and home equipment decreased by 2.9 percent, influenced by a decline in furniture, carpets, and flooring prices by 4.4 percent. Similarly, prices of clothing and footwear decreased by 2.3 percent, influenced by a 4.6 percent decline in ready-made clothing prices. Transportation prices also decreased by 2.5 percent, affected by a 3.9 percent decrease in vehicle purchase prices.
The consumer price index in November 2024 recorded relative stability, as it increased by 0.3 percent compared to October 2024. This monthly inflation index was influenced by a 0.9 percent rise in the section of housing, water, electricity, gas, and other fuels, which in turn, was affected by a 1.0 percent increase in actual housing rents and prices.
The index also witnessed an increase in the prices of personal goods and services by 0.5 percent, driven by a 6.5 percent rise in insurance services and prices. Food and beverages increased by 0.2 percent, restaurants and hotels increased by 0.2 percent, recreation and culture increased by 0.1 percent, and tobacco increased by 0.1 percent.
However, the index witnessed a decrease in the prices of clothing and footwear by 0.3 percent, furnishing and home equipment by 0.3 percent, communications by 0.1 percent, and health by 0.1 percent. On the other hand, the prices of transportation and education did not show any significant change in November 2024.
