Saudi Arabia’s Inflation Inches Up in May
In a slight uptick, Saudi Arabia’s inflation rate increased by 0.2 percent in May compared to the previous month, driven primarily by changes in housing prices, as per official data.
Monthly Impact on Inflation Index
Expenses for housing, water, electricity, gas, and other fuels saw a 0.4 percent month-on-month increase in May, while food and beverages expenses went up by 0.7 percent. Additionally, costs for restaurants, hotels, personal goods, and services also saw slight increases.
Price Changes in Various Sectors
On the flip side, clothing and footwear prices dipped by 0.6 percent, and transportation costs edged down by 0.4 percent in May. Education, furnishing, home equipment, and tobacco products remained relatively stable.
Annual Inflation Rates
Year-on-year, Saudi Arabia’s Consumer Price Index rose by 1.6 percent in May compared to the same period last year. The increase was mainly driven by a significant rise in actual housing rents and food and beverage costs.
Wholesale Price Index on the Rise
In another report, the Wholesale Price Index increased by 3.2 percent in May compared to the previous year, with notable increases in basic chemicals and refined petroleum products. Food products, beverages, tobacco, and textiles also saw price rises, while the overall WPI decreased slightly from April.