AI Summary
The Kingdom of Saudi Arabia's flag
Saudi Arabia’s average inflation rate grew to 2.5% year-on-year (YoY) in 2022, according to recent data by the General Authority for Statistics (GASTAT).
The cost-of-living index for 2022 rose to 106.97 points, according to the base year 2018, compared to 104.38 points the year before.
|
Saudi Inflation Rate during 2021 and 2022 |
|||
|
Month |
2021 |
2022 |
Change |
|
January |
104.00 |
105.22 |
1.2% |
|
February |
103.87 |
105.55 |
1.6% |
|
March |
103.72 |
105.84 |
2.0% |
|
April |
103.90 |
106.29 |
2.3% |
|
May |
104.09 |
106.42 |
2.2% |
|
June |
104.25 |
106.66 |
2.3% |
|
July |
104.41 |
107.20 |
2.7% |
|
August |
104.48 |
107.61 |
3.0% |
|
September |
104.69 |
107.90 |
3.1% |
|
October |
104.95 |
108.11 |
3.0% |
|
November |
105.17 |
108.25 |
2.9% |
|
December |
105.06 |
108.53 |
3.3% |
|
Annual Average |
104.38 |
106.97 |
2.5% |
The increase in the consumer price index (CPI) was mainly driven by a 3.7% year-on-year (YoY) rise in the average prices of food and beverage and a 4.1% increase in transportation, which is the biggest upward pressure on inflation.
Prices of housing, water, electricity, gas, and other types of fuel increased by 1.8%, affected by rising housing rents by 2%.
On the other hand, prices of clothing and footwear retreated 1.3%, affected by a 0.9% decrease in clothing prices. Similarly, prices of tobacco went down 0.1%.
The table below illustrates the change in the CPI comparison YoY in 2022:
|
CPI YoY Comparison in 2022 |
|
|
Main Groups |
Variation (%) |
|
Education |
+5.4% |
|
Restaurants & Hotels |
+5.1% |
|
Transport |
+4.1% |
|
Food & Beverages |
+3.7% |
|
Recreation & Culture |
+2.7% |
|
Housing, Water, Electricity, Gas & Other Fuels |
+1.8% |
|
Personal Goods & Services |
+1.6% |
|
Furniture, Household Equipment and Maintenance |
+1.3% |
|
Healthcare |
+0.4% |
|
Communication |
+0.4% |
|
Tobacco |
(0.1%) |
|
Clothing & Footwear |
(1.3%) |
The CPI reflects price changes of a fixed basket of goods and services that includes 490 items. The items were chosen based on the results of the Household Expenditure and Income Survey conducted in 2018.
Prices are collected through the point of sale (POS) field visits.
|
Relative Importance of Major Sections |
|
|
Expenditure Groups (2018) |
(%) |
|
General Index |
100.0% |
|
Housing, Water, Electricity, Gas & Other Fuels |
25.50% |
|
Food & Beverages |
18.78% |
|
Transport |
13.05% |
|
Personal Goods & Services |
12.57% |
|
Furnishing, Household Equipment and Maintenance |
6.74% |
|
Communication |
5.62% |
|
Restaurants & Hotels |
5.60% |
|
Clothes & Footwear |
4.20% |
|
Recreation & Culture |
3.06% |
|
Education |
2.87% |
|
Healthcare |
1.43% |
|
Tobacco |
0.60% |
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