Today, Sunday, the data of the General Authority for Statistics in Saudi Arabia showed that the consumer price index (inflation rate) for December 2022 increased by 3.3% compared to the same month of 2021.
The inflation rate in Saudi Arabia increased in December from 2.9%. Registered in November 2022.
In a statement today, Thursday, the authority attributed the rise in the inflation rate during last December, on an annual basis, to the increase in the prices of housing, water, electricity, gas, and other fuels by 5.9%, and the prices of food and beverages by 4.2%.
The housing, water, electricity, gas, and other types of fuel section recorded an increase affected by the increase in rental prices paid for housing by 6.8%, which in turn was affected by the increase in apartment rent prices by 18.1%. amounting to 25.5%.
The Food and Beverages section was affected by the increase in food prices by 4.3%, which in turn was affected by the increase in the prices of meat and poultry by 5.9%.
The consumer price index for December 2022 recorded a marginal increase of 0.3% compared to November 2022. The monthly inflation index was affected by an increase in the housing, water, electricity, gas and other fuels section by 0.9%, which in turn was affected by an increase in the prices of paid rent for housing by 1.1%.
inflation in 2022
The average annual inflation of consumer prices in Saudi Arabia reached 2.5% for the year 2022, compared to the annual average for the year 2021. This development in prices is attributed to the increase in food and beverage prices by 3.7%, and transportation by 4.1%, which is the biggest upward pressure on inflation.
Professor of Finance and Investment at Al-Imam University, Dr. Muhammad Makni
For his part, Professor of Finance and Investment at Imam University, Dr. Muhammad Makni, said that the inflation rate rose 3.3% last December, on an annual basis, and it was noted that the prices of services increased, while housing, electricity and water services represent 25.5% of the general index of inflation.
Dr. Muhammad Makni added, in an interview with Al-Arabiya, today, Sunday, that the transportation sector rose by 4.1% during last December, and represents 13% of the inflation index, in addition to the rise in food, and these were the main reasons for the rise in the index.
He explained that the cities of Riyadh and Jeddah occupy the first place in the rise in inflation, as the city of Jeddah occupies the first place in the rise in residential rents, by virtue of the current treatment of slums, and thus the search for housing increased.
And Dr. Muhammad Makni indicated that there are imported and local inflation factors, while the first quarter of 2023 may record inflation between 3% and 3.5%.
