Saudi Gazette report

RIYADH — The average annual inflation rate or Consumer Price Index in Saudi Arabia rose to 1.7 percent during the year 2024, compared to the previous year of 2023.

The annual average of the general price index recorded 111.30 points during the year 2024, according to the base year 2018, compared to 109.45 points in the year 2023, according to a report of the General Authority for Statistics (GASTAT).

The GASTAT attributed this rise in prices mainly to the increase in housing, water, electricity, gas and other fuels by 8.8 percent, which has an upward impact on the inflation rate, due to the increase in housing rents by 10.6 percent.

The prices of the food and beverages section rose by 0.8 percent, and the prices of the restaurants and hotels section rose by 2 percent, in addition to the increase in other sections.