- ARAB NEWS
- 26 Apr 2024
Since 1975
Arab News
RIYADH: Saudi Arabia’s annual inflation rate accelerated to its 14-month high of 3 percent in August, up from 2.7 percent in July, according to recent data released by the General Authority for Statistics.
The uptick in the Consumer Price Index is driven by a rise in food and beverage prices, GASTAT noted.
This is the third month in a row that the annual inflation rate has risen as May recorded 2.24 percent growth, followed by 2.3 percent and 2.7 percent in June and July respectively.
According to the GASTAT report, food and beverage prices increased by 4.0 percent in August, while meat prices surged 6.7 percent.
“The food and beverages prices were the main drivers of the inflation rate in August 2022 due to their high relative importance in the Saudi consumer basket with a weight of 18.8 percent,” said GASAT in the report.
