Residential rents drive inflation stability in the Kingdom at 1.8% last July Title: Residential rents drive inflation stability in Saudi Arabia at 1.8% in July
Annual inflation in the Kingdom stabilized at 1.8% during July, maintaining the same level recorded in June, at a time when residential rents continue to push prices up, along with notable increases in food, beverages and transportation.
Annual inflation in Saudi Arabia remained at 1.8% in July, maintaining the same level recorded in June, as residential rents continued to push prices higher, alongside notable increases in food, beverages and transportation.
According to data from the General Authority for Statistics, the consumer price index rose by 1.8% on an annual basis, while recording a slight monthly increase of 0.2% compared to June, driven by an increase in the housing, water, electricity, gas and other fuels group by 0.9%.
According to data from the General Authority for Statistics, the Consumer Price Index increased by 1.8% year-on-year, while recording a slight monthly increase of 0.2% compared with June, driven by a 0.9% rise in the housing, water, electricity, gas, and other fuels category.
Residential rents remained the most influential factor in inflation, rising by 4.3% on an annual basis, while the prices of the housing, water, electricity, gas and other fuel groups rose by 4.2%, contributing alone 0.8 percentage points to annual inflation, which is the highest contribution among all sections.
Residential rents remained the biggest contributor to inflation, rising 4.3% year-on-year, while prices in the housing, water, electricity, gas, and other fuels category increased by 4.2%, contributing 0.8 percentage points to annual inflation on its own, the highest contribution among all categories.
Food and beverage prices also increased by 1.5%, and transportation prices by 1.4%, while the personal care, social protection, and other goods and services group recorded an increase of 2.9%.
Food and beverage prices also increased by 1.5%, while transportation prices rose by 1.4%. Meanwhile, the personal care, social protection, goods, and other services category recorded an increase of 2.9%.
Entertainment, sports and culture prices rose by 2.4%. On the other hand, some departments limited the rise in the index; Most notably, furniture and household appliances fell by 0.5%, and clothing and shoes, which fell by 0.4%.
Prices for recreation, sports, and culture increased by 2.4%. In contrast, some categories limited the overall rise in the index, most notably furniture and household equipment, which declined by 0.5%, and clothing and footwear, which fell by 0.4%.
On a monthly basis, the Consumer Price Index rose 0.2%, driven by an increase in the prices of electricity, gas and other fuels by 7.1%, in addition to an increase in the prices of restaurants and accommodation services by 0.5%, entertainment, sports and culture by 0.4%, and transportation by 0.2%.
On a monthly basis, the Consumer Price Index increased by 0.2%, driven by a 7.1% rise in electricity, gas, and other fuel prices, along with increases of 0.5% in restaurant and accommodation prices, 0.4% in recreation, sports, and culture, and 0.2% in transportation.
