- ARAB NEWS
- 04 May 2024
Since 1975
Nirmal Narayanan
RIYADH: The inflation rate in Saudi Arabia increased by 3.4 percent in January 2023, compared to the same month in 2022, according to official data released by the General Authority for Statistics.
The GASTAT report suggested that the rise in inflation in January was primarily driven by the higher prices of housing, water, electricity, gas, and other fuels which went up by 6.6 percent, while food and beverages prices rose by 4.2 percent.
It should be noted that Saudi Arabia’s annual inflation rate in January 2023 is the highest since June 2021, when it hit 6.6 percent.
“Prices for housing were the main driver of the inflation rate in January 2023 due to their high relative importance in the Saudi consumer basket with a weight of 25.5 percent,” said GASTAT in the report.
