The consumer price index (inflation rate) in Saudi Arabia increased by 3.4 percent in January 2023, compared to the same month in 2022.
The General Authority for Statistics attributed the increase to the increase in the prices of housing, water, electricity, gas, and other fuels by 6.6 percent, and the prices of food and beverages by 4.2 percent.
The authority stated that the actual rents of housing increased by 7.7 percent in January 2023, reflecting the increase in apartment rental prices by 19.3 percent. The rise in this section had a significant impact on the rise in annual inflation during the month of January, given its weight in the index of 2.5 percent.
Food prices rose by 4.3 percent, weighed down by a 6.1 percent rise in meat and poultry prices, and by a 15.8 percent rise in milk and egg products.
On a monthly basis, the inflation rate in Saudi Arabia recorded a slight increase of 0.2 percent in January, compared to December 2022. The CPI index (inflation rate) for December 2022 increased by 3.3 percent compared to the same month in 2021. The inflation rate in Saudi Arabia increased in December from the level of 2.9 percent recorded in November 2022.
Source (Al-Arabiya.net, Edited)
