Saudi Gazette report

RIYADH — Inflation in Saudi Arabia posted a slight decrease during the last month of February, reaching three percent compared to 3.4 percent in January 2023, according to the latest report of the General Authority for Statistics (GASTAT).

The rise in inflation, represented by the consumer price index, stood at three percent last month compared to February 2022. In its monthly report published on Wednesday, GASTAT attributed the increase in the inflation rate during the last month, on an annual basis, to the increase in the prices of housing, water, electricity, gas, and other fuels by seven percent, and the prices of food and beverages by 3.1 percent.

Actual housing rental increased by 8.3 percent last month, which was affected by the increase in apartment rental prices by 21.4 percent. Likewise, food prices increased by 3.1 percent, affected by the increase in the prices of meat and poultry by 4.1 percent, and the increase in the prices of milk and egg products by 14.1 percent.

The transportation section registered an increase of 2.7 percent, affected by the increase in vehicle purchase prices by 3.2 percent, and the restaurants and hotels section increased by 6.5 percent, affected by the increase in the prices of meal services by 6.6 percent.

The authority’s data showed that the consumer price index during the last month recorded a marginal decrease of 0.1 percent compared to the previous month, and the monthly inflation index was affected by a decrease in the food and beverage section by 0.6 percent, which in turn was affected by a decrease in food prices by 0.7 percent.