Saudi inflation rate rises to 1.6% in January

Credit: REUTERS/Faisal Nasser

RIYADH, Feb 15 (Reuters) - Saudi Arabia's annual inflation rate rose to 1.6% in January from 1.5% the previous month, with rising rents remaining the main driver, according to government statistics released on Thursday.

Housing rents increased by 9.3% in January 2024, with prices for villas rising by 8.2%, the General Authority for Statistics reported, while the prices of housing, water, electricity, gas, and other fuels rose 7.8% compared to the previous year.

Food and beverages prices increased by 1%, driven by the increase in the price of vegetables by 3.7%.

Restaurants and hotels prices increased by 2.4% as the price of catering services rose by 2.1%.

Education prices also increased by 1.2% mainly due to a jump in secondary education prices by 4.3%.

Compared to global inflation levels, inflation has remained relatively low in Saudi Arabia over this past year, easing from 3.4% in January 2023.

(Reporting by Pesha Magid; Editing by Kim Coghill)

((Pesha.Magid@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.