Saudi Gazette report
RIYADH — Saudi Arabia’s Shopper Worth Index (CPI) or inflation fee stabilized at 1.7 p.c in September, posting a lower of 0.3 p.c from 2 p.c within the earlier month of August, reaching relative stability on an annual foundation. In response to the newest knowledge launched by the Common Authority for Statistics (GASTAT), this fee was the bottom since February 2022 when it was 1.6 p.c.
Inflation continued the downwards development for the fourth month in a row this yr, recording the slowest tempo in 15 months. The share change within the CPI continued to say no in September for the fourth month in a row, from 2.8 p.c final Might to 2.7 p.c in June, 2.3 p.c in July and a couple of p.c in September.
This stability displays the energy of the Saudi economic system and the effectiveness of the financial procedures and measures that had been carried out rapidly. The Kingdom took early measures to confront the worldwide rise in inflation charges.
It’s noteworthy that the CPI measures change within the costs paid by customers for a set basket of products and companies consisting of 490 gadgets, and the related costs are collected via discipline visits to factors of sale.
The GASTAT revealed that precise rents for housing elevated by 9.8 p.c in September of this yr in comparison with the identical month in 2022. Transport prices fell by 0.5 p.c in September in comparison with August whereas costs for family gear and furnishings recorded a lower of 0.1 p.c in the course of the interval. The report confirmed that bills for eating places and resorts went up by 2.5 p.c yr on yr in September whereas catering service costs surged by2.3 p.c.