GASTAT: Saudi inflation remains almost stable at 1.6% in January


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Saudi Gazette report

RIYADH โ€” The buyer worth index or inflation in Saudi Arabia remained nearly regular at 1.6 p.c over the past month of January in comparison with 1.5 p.c throughout December 2023. The inflation registered a slight improve of 0.1 p.c throughout January in opposition to the earlier month, in accordance with the most recent month-to-month report revealed by the Common Authority for Statistics (GASTAT).

On a year-on-year foundation, there was a rise within the costs of housing, water, electrical energy, gasoline and different forms of gas by 7.8 p.c over the past month whereas in comparison with January 2023. Precise residential rents rose by 9.3 p.c in January, affected by an 8.2 p.c improve in villa rental costs. The costs of meals and drinks rose by 1 p.c in January in comparison with the identical month in 2023. The rise on this group had a major impression on the rise in annual inflation in January. Costs for furnishings, family tools and upkeep decreased by 3.3 p.c year-on-year foundation in January.

Final month, the patron worth index recorded a slight improve of 0.3 p.c with regard to costs of meals and drinks in comparison with December 2023 whereas restaurant costs elevated by 0.2 p.c. The leisure and tradition part recorded a rise of 1.4 p.c. In distinction, transportation costs decreased by 1.1 p.c, clothes and footwear costs dropped by 0.6 p.c and costs of miscellaneous private items and companies decreased by 1.1 p.c. It’s noteworthy that inflation charge in Saudi Arabia was slowed in December 2023 to the bottom stage in 23 months when it reached 1.5 p.c on an annual foundation in comparison with 1.7 p.c in November.

Throughout your entire yr of 2023, the common inflation charge was 2.3 p.c, down from 2.5 p.c for 2022, in accordance with the GASTAT report. The 2023 knowledge was decrease than the Ministry of Financeโ€™s estimates, which anticipated the inflation charge to achieve 2.6 p.c final yr. The ministry expects inflation charges to say no to 2.2 p.c in 2024, and to achieve 2.1 p.c in 2025. The expectation is that in 2026, inflation charges within the Kingdom would attain just one.9 p.c.

The Saudi authorities has adopted proactive measures and insurance policies to include rising costs, setting a ceiling on gasoline costs and elevating the extent of meals shares, along with supporting social safety applications.

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