GASTAT Reports 2.7% Inflation Rise and 22.8% Surge in Apartment Rental Prices in Saudi Arabia
GASTAT: Saudi Arabia's Inflation Rises 2.7%, Apartment Rental Prices Soar 22.8% in a Year.
According to the latest report by the General Authority for Statistics (GASTAT), the inflation rate in Saudi Arabia increased by 2.7 percent in June 2023, compared to the previous month of May.
On an annual basis, the rate of inflation stood at 2.8 percent, which is higher than the 2.7 percent recorded in May.
The report revealed that the increase in inflation was largely driven by the significant rise in apartment rental prices, which increased by 22.8 percent within a year.
This increase had a significant impact on the annual inflation increase in June, given its weight in the index that accounted for 21 percent.
The food and beverage section saw a 1 percent increase in the index, while the housing, water, and electricity section rose by 9.1 percent.
Additionally, the transportation section saw a 1.6 percent increase.
The wholesale price index also recorded a decline of 1.3 percent on an annual basis and 0.2 percent on a monthly basis.
However, the inflation rate for June 2023 increased on both a monthly and annual basis in several cities, including Riyadh, Dammam, Hail, and Najran.
On the other hand, the inflation rate decreased in Makkah, Jeddah, Madinah, Hofuf, Abha, and Buraidah.
The inflation rate recorded a negative number in Taif, Tabuk, Al-Baha, Sakaka, Arar, and Jazan.
The report highlights the rise in inflation in Saudi Arabia for the second consecutive month after a three-month slowdown.
The increase in apartment rental prices and other essential commodities is likely to have an impact on the overall inflation rate in the coming months.
The GASTAT report provides valuable insights into the current state of the Saudi Arabian economy, which is recovering from the impact of the COVID-19 pandemic.
The rise in inflation and the increase in apartment rental prices are indicators of an improving economy, which is likely to
On an annual basis, the rate of inflation stood at 2.8 percent, which is higher than the 2.7 percent recorded in May.
The report revealed that the increase in inflation was largely driven by the significant rise in apartment rental prices, which increased by 22.8 percent within a year.
This increase had a significant impact on the annual inflation increase in June, given its weight in the index that accounted for 21 percent.
The food and beverage section saw a 1 percent increase in the index, while the housing, water, and electricity section rose by 9.1 percent.
Additionally, the transportation section saw a 1.6 percent increase.
The wholesale price index also recorded a decline of 1.3 percent on an annual basis and 0.2 percent on a monthly basis.
However, the inflation rate for June 2023 increased on both a monthly and annual basis in several cities, including Riyadh, Dammam, Hail, and Najran.
On the other hand, the inflation rate decreased in Makkah, Jeddah, Madinah, Hofuf, Abha, and Buraidah.
The inflation rate recorded a negative number in Taif, Tabuk, Al-Baha, Sakaka, Arar, and Jazan.
The report highlights the rise in inflation in Saudi Arabia for the second consecutive month after a three-month slowdown.
The increase in apartment rental prices and other essential commodities is likely to have an impact on the overall inflation rate in the coming months.
The GASTAT report provides valuable insights into the current state of the Saudi Arabian economy, which is recovering from the impact of the COVID-19 pandemic.
The rise in inflation and the increase in apartment rental prices are indicators of an improving economy, which is likely to
