Wednesday 28 February 2024

Saudi inflation came down in October

Saudi inflation eases slightly to 1.6pc in October

RIYADH, November 29, 2023

Saudi Arabia experienced a decrease in inflation to 1.6% compared to the preceding month, as per the latest data from the General Authority for Statistics (GASTAT). 
The rise in the consumer price index (CPI) during this period was predominantly driven by a 9.3% surge in real estate rental expenses, which was notably influenced by a 14.9% upswing in apartment rental rates, said Al Rajhi Capital Research. 
This increase significantly contributed to inflation, accounting for 21% of the overall index. Additionally, WPI rose to 1.00% in October, rising from 0.50% in September.
Consumer Price Index rises
Consumer Price Index (CPI): CPI increased by 1.62% y-o-y in October (+1.70% y-o-y in September). The y-o-y rise of the CPI resulted mainly from Housing, Water, Electricity and Gas (+7.80% y-o-y).
Wholesale Price Index (WPI): WPI increased by 1.00% y-o-y in October (0.50% y-o-y in September), Due to a rise in ‘Food & beverages, tobacco & textiles (2.70%).
Index of Industrial Production (IIP): IIP decreased (-11.19% y-o-y) in September, mainly due to a decline in the Mining and quarrying sectors’ activity (-18.72% y-o-y).
International trade 
Non-oil exports in September decreased -17.20% y-o-y, compared to the decrease of -8.60% y-o-y in August. The shipment decline was driven by ‘Products of the chemical or allied industries’ (-35.80% y-o-y).
Meanwhile, Saudi Central Bank’s foreign reserves, on an annual basis, fell 8.20% in October compared to a similar decline in September, to SR1.6 trillion ($430 billion).--TradeArabia News Service


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