Saudi Gazette report

RIYADH — Saudi Arabia’s Consumer Price Index (CPI) or inflation rate stabilized at 1.7 percent in September, posting a decrease of 0.3 percent from 2 percent in the previous month of August, achieving relative stability on an annual basis. According to the latest data released by the General Authority for Statistics (GASTAT), this rate was the lowest since February 2022 when it was 1.6 percent.

Inflation continued the downwards trend for the fourth month in a row this year, recording the slowest pace in 15 months. The percentage change in the CPI continued to decline in September for the fourth month in a row, from 2.8 percent last May to 2.7 percent in June, 2.3 percent in July and 2 percent in September.

This stability reflects the strength of the Saudi economy and the effectiveness of the economic procedures and measures that were implemented quickly. The Kingdom took early measures to confront the global rise in inflation rates.

It is noteworthy that the CPI measures change in the prices paid by consumers for a fixed basket of goods and services consisting of 490 items, and the relevant prices are collected through field visits to points of sale.

The GASTAT revealed that actual rents for housing increased by 9.8 percent in September of this year compared to the same month in 2022. Transport costs fell by 0.5 percent in September compared to August while prices for household equipment and furnishings recorded a decrease of 0.1 percent during the period. The report showed that expenses for restaurants and hotels went up by 2.5 percent year on year in September while catering service prices surged by2.3 percent.