Saudi Gazette report
RIYADH — Saudi Arabia’s Shopper Value Index (CPI) or inflation charge continued to say no for the fifth month in a row, recording 1.6 % in October in comparison with the identical month final yr.
In accordance with the newest knowledge launched on Wednesday by the Basic Authority for Statistics (GASTAT), the speed of inflation was the bottom since February 2022 when it was 1.6 %. The inflation recorded a lower of 0.1 % in October from 1.7 % in September this yr.
Inflation continued the downward pattern for the fifth month in a row this yr, recording the slowest tempo in 16 months. The share change within the CPI continued to say no over the past 5 months, from 2.8 % in Could to 2.7 % in June, 2.3 % in July, 2 % in August, 1.7 % in September and 1.6 % in October.
It’s noteworthy that the CPI measures change within the costs paid by customers for a set basket of products and providers consisting of 490 gadgets, and the related costs are collected by area visits to factors of sale. The GASTAT knowledge confirmed that precise rents for housing elevated by 9.3 % in October, affected by the rise in condo rental costs by 14.9 %.
The rise of this group had a big influence on the rise in annual inflation for the month of October on account of its massive weight within the index, which quantities to 21 %. Meals and beverage costs additionally recorded a rise of 0.8 %, affected by the rise within the costs of milk, dairy merchandise, and eggs by 4.4 %.
The soundness within the inflation charge displays the power of the Saudi economic system and the effectiveness of the financial procedures and measures that had been carried out at a quick tempo. The Kingdom took early measures to confront the worldwide rise in inflation charges