Saudi Press

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Tuesday, May 21, 2024

Saudi Arabia's Inflation Holds Steady at 1.6% in April; Housing Prices Drive Monthly Increase; Wholesale Prices Surge 3.4%

Saudi Arabia's Inflation Holds Steady at 1.6% in April; Housing Prices Drive Monthly Increase; Wholesale Prices Surge 3.4%

In April, Saudi Arabia's inflation rate remained unchanged at 1.6 percent.
The Consumer Price Index saw a slight increase of 0.3 percent, with housing prices being the main contributor.

Housing costs rose by 0.4 percent due to a similar increase in rents and actual housing prices.

Personal goods and services, food and beverages, clothing, and footwear also saw price increases.

However, furnishing and home equipment prices decreased by 0.5 percent.

In April, the prices for services such as education, communications, health, and tobacco remained unchanged.

However, Bahrain's annual Consumer Price Index (CPI) rose by 1.6 percent compared to the same period last year.

The increase was mainly due to a 9.4 percent rise in villa rents and a 0.8 percent increase in food and beverage prices.

Prices in restaurants and hotels also went up by 2 percent, driven by a 1.8 percent increase in food service prices.

The education sector experienced a 1.1 percent increase, with a 4.1 percent rise in fees for intermediate and secondary education.

On the other hand, prices for furnishings and home equipment decreased by 3.9 percent, influenced by a 6.0 percent decline in furniture, carpets, and flooring prices.

Prices in clothing and footwear also decreased by 4.2 percent, with a 6.6 percent decline in ready-made clothing prices.

The GASTAT report shows that transportation prices decreased by 1.6% due to a 2.9% decrease in vehicle purchase prices.

Rental prices, specifically housing rents, were the main driver of inflation in April, increasing by 10.4% with a significant impact due to their 21.0% weight.

The Wholesale Price Index also rose by 3.4% in April, driven by increases in basic chemicals (14.5%) and refined petroleum products (12%).

Additionally, food products, beverages, tobacco, and textiles prices increased by 2.4%.

The Wholesale Price Index (WPI) increased by 10.1% for leather, leather products, and footwear, and 5% for grain mills, starch, and food products.

Prices for agricultural and fishery products rose by 0.2%, driven by live animals and animal products.

Prices for ores and minerals dropped by 2.2%, and metal products, machinery, and equipment fell by 0.6%.

Notable decreases were seen in radio, television, communication equipment (-6.7%), and office, accounting, computing machinery (-2.7%).

The WPI decreased by 0.4% in April compared to March, mainly due to a 0.9% drop in other transportable goods, driven by a 8.0% decrease in basic chemicals.

The text reports that in April 2023, there was a 0.1 percent decrease in prices for agriculture and fishery products, driven by a decline in live animal and animal product prices.

Ores and minerals also saw a 0.1 percent decrease, mainly due to a drop in stone and sand prices.

However, food products, beverages, tobacco, and textiles rose by 0.1 percent, with meat, fish, fruit, vegetables, oils, and fats leading the increase.

Prices for metal products, machinery, and equipment also went up by 0.1 percent, due to a rise in basic metals prices.

In a separate analysis, GASTAT noted that Egyptian oranges and Turkish plums had the most significant price increases in April, with jumps of 18.09 percent and 12.82 percent, respectively.

The text reports on the percentage changes in the prices of various fruits and vegetables in Pakistan between March and April 2023.

Notable increases were seen in Pakistani mandarin (9.11%), Lebanese grapes (5.88%), while local and imported onions experienced significant decreases (-12.15% and -9.13%, respectively).

Local cucumbers and yellow apples also showed notable declines (-6.35% and -5.40%, respectively).

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