The data of the General Authority for Statistics in Saudi Arabia showed that the consumer price index (inflation rate) for November 2022 increased by 2.9 percent, compared to the same month of 2022. The inflation rate in Saudi Arabia slowed during last November for the second month in a row, after it slowed for the first time since last May, on a monthly basis, to 3 percent, during October 2022, compared to 3.1 percent, in September 2022.
The authority attributed the rise in the inflation rate during last November, on an annual basis, to the rise in the prices of housing, water, electricity, gas, and other fuels by 4.7 percent, and the prices of food and beverages by 3.5 percent.
The housing, water, electricity, gas, and other fuels section increased by 4.7 percent, affected by a 5.4 percent increase in rental prices for housing, which in turn was affected by an increase in apartment rents by 15.7 percent. The rise of this section had a significant impact on the rise in annual inflation last November due to its relative weight in the index of 25.5 percent. The Food and Beverages section was affected by the increase in food prices by 3.6 percent, which in turn was affected by the increase in meat and poultry prices by 4.5 percent. The consumer price index for November 2022 registered a marginal increase of 0.1 percent compared to October 2022. The monthly inflation index was also affected by the rise in the housing, water, electricity, gas, and other fuels section by 1.4 percent, which in turn was affected by the rise in rental prices paid for housing by 1.6 percent.
Source (Al-Arabiya.net Website, Edited)
