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Increasing Food Price: in September, Saudi Arabia’s Inflation Increased to 3.1%

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DUBAI, Oct 13 (Reuters) – Inflation in Saudi Arabia hit 3.1% in September, driven by higher food prices, housing costs and rising wages, Saudi Arabia said on Thursday.

Compared to the previous month, the consumer price index (CPI) for September was higher by 0.3%, he added. Food and beverage prices rose 4.3% in September, while rents rose 3.6%, leading the overall increase in housing, water, electricity, gas and other fuels to 3.2%.

Rising inflation around the world has led to an increase in interest rates by central banks, increasing the risk of an international recession. The price of the flood has gone into it, due to the reduction measures of the government like the price of petrol.

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Last month, Saudi Arabia’s central bank governor Fahad al-Mubarak said that inflation in the kingdom is still at a reasonable level. In its latest budget statement, the Department of Finance projected growth for 2022 at 2.6%.

“Despite the rise in global inflation, the Kingdom has taken necessary measures,” the Finance Ministry said in a statement. These measures have made Saudi Arabia more affordable and prevent the impact of price increases, helped by efforts such as caps on fuel prices, he added.

“Inflation is expected to return to normal levels over time.”

As Saudi Arabia’s central bank has held rates in line with the US Federal Reserve due to the currency peg to the US dollar, the government has planned a major increase in fiscal spending to maintain growth. The International Monetary Fund has forecast GDP growth of 7.6% this year for Saudi Arabia. 카지노사이트

RIYADH: Saudi Arabia’s annual inflation rate rose to a 15-month high of 3.1% in September from 3% in August, according to data released by the General Statistics Authority.

An increase in the consumer price index, or CPI, is driving up food and beverage prices, GASTAT said in a press release. According to the GASTAT report, the annual increase in food and beverage prices stood at 4.3% in September, while meat prices rose 6.5%.

“Food and beverage prices are the main drivers of inflation in September 2022 because they have a high relative importance in the Saudi consumption basket with a weight of 18.8%,” GASTAT said in the report. . The inflation index follows data from the Central Bank of Saudi Arabia showing a 15.8% drop in the stock market last week.

The decline was SR421.3 million in food and beverage sales, as sales fell as prices rose. In consumer prices, rents rose 3.6% in September, raising housing, water, electricity, gas and other fuels by 3.2%, according to GASTAT.

Wedding venue rentals increased by 18.8%; raising the price of private goods and services by 1.6%. High school prices increased by 10.1%; increasing the cost of education by 5.7%.
Food service prices rose by 7.6%; raising hotel and restaurant prices by 7.5%. Car prices increased by 4.6%; increasing the cost of transportation by 3.8%
On the other hand, the report shows a 1% decrease in the price of clothing and footwear, with the price of clothing falling 1.9% in September 2022.

Consumer prices rose 0.3% last month from August, also due to a 1% increase in food and drink prices. Building, water, electricity, gas and other fuels – up 1%
Hotel and restaurant prices – up 0.2%
Transport and tobacco – up 0.1%.
The report identified 5 categories that had a monthly decrease in consumer prices last month, while it showed no change in the health and education sectors. Leisure and culture – discount of 1%
Personal goods and services – down 0.8%
Property, building materials and maintenance – down 0.4%
Clothing and footwear – down 0.2%
Relationships – down 0.2%

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