Arab News, Thu, Mar 14, 2024 | Ramadan 4, 1445
Saudi inflation holds steady at 1.8% in February: GASTAT
Saudi Arabia:
Saudi Arabia’s inflation stood at 1.8 percent in February, compared to 1.6
percent in the previous month, according to official data.
The General Authority for Statistics reported that
the monthly consumer price index in February was primarily influenced by the
prices of housing, water, electricity, gas, and other fuels, which increased by
1.2 percent compared to the previous month.
This uptick was attributed to a 1.4 percent rise
in actual rents for housing.
“Prices for rents were the main driver of the
inflation rate in February 2024 due to their high relative importance in the
Saudi consumer basket with a weight of 21 percent,” said GASTAT.
In February, expenses for food and beverages
decreased by 0.4 percent month-on-month, while transport prices dipped by 0.3
percent.
Recreation and cultural prices increased by 0.2
percent in February, followed by costs for personal goods and services, which
went up by 0.1 percent.
On the other hand, prices of education,
restaurants, hotels, and health services did not show any significant change in
February compared to January.
Compared to February 2023, housing, water,
electricity, gas, and other fuel prices increased by 8.5 percent last month,
while rates for food and beverages rose by 1.3 percent.
Similarly, restaurant and hotel prices surged by
2.5 percent, driven by a rise in expenses for catering services by 2.2 percent.
GASTAT revealed that costs for education went up
by 1.2 percent in February due to the increase in secondary education prices,
which soared by 4.3 percent.
In contrast, household equipment and maintenance
prices decreased by 3 percent in February compared to the same month of the
previous year.
Additionally, clothing and footwear prices
declined by 4 percent in February compared to the year-ago period, while
transport rates dipped by 0.9 percent.
In another report, GASTAT said that Saudi Arabia’s
Wholesale Price Index increased by 3.1 percent in February compared to the same
period in 2023.
According to the authority, this rise in WPI was
driven by the prices of refined petroleum products and basic chemicals, which
went up by 12 percent and 10.8 percent respectively.
Similarly, the Kingdom’s WPI decreased by 1.2
percent in February compared to the previous month, driven by a fall in the
prices of other transportable goods, which went down by 3.2 percent.