Saudi Press

Saudi Arabia and the world
Saturday, Feb 22, 2025

Saudi inflation softens to 3%: GASTAT  

Saudi inflation softens to 3%: GASTAT  

Saudi Arabia’s inflation rate softened to 3 percent in February 2023, against 3.4 percent recorded in January, driven by a slight decrease in food and beverage prices, according to the latest report released by the General Authority for Statistics.
The inflation rate stood at 3.3 percent and 2.9 percent in December and November, respectively.

The monthly consumer price index was affected by a 0.7 percent decrease in food prices, according to the date, which also revealed that transport prices fell by 0.5 percent in February against the previous month.

This was mainly due to the decrease in motor car prices by 0.9 percent.

There was also a fall of 0.5 percent in furnishings, household equipment and maintenance prices.

However, on a year-on-year basis, inflation continues to rise in line with the global trend as the Kingdom’s inflation had been 1.6 percent in February 2022.

GASTAT noted the rise in Saudi Arabia’s consumer price index in February was primarily driven by higher prices of housing, water, electricity, gas, and other fuels which went up by 7 percent year-on-year.

Prices of food and beverages went up by 3.1 percent in February compared to the same month last year.

The report noted that housing, water, electricity, gas, and other fuel prices were increased due to the rise in actual rentals for housing by 8.3 percent, which in turn was affected by the increase in apartment rental prices by 21.4 percent.

Meanwhile, Saudi Arabia’s wholesale price index rose 2.7 percent year-on-year in February 2023, primarily driven by higher prices of food products, beverages, tobacco, and textiles.

The GASTAT report also revealed the prices of food products, beverages, tobacco, and textiles increased by 6.3 percent year-on-year in February, while prices of dairy products surged by 19.5 percent.

The Kingdom’s WPI, however, softened by 0.1 percent in February 2023 compared to January 2023 as a result of the decrease in the prices of other transportable goods by 0.6 percent, the report added.

Compared to January, ores and minerals prices also decreased by 0.7 percent in February, due to the decrease in stones and sand prices.

Contrarily, metal products, machinery and equipment prices increased by 0.5 percent month-on-month in February due to the increase in the prices of basic metals.

“The prices of agriculture, fishery products, food products, beverages, tobacco, and textiles stabilized and did not show any significant change in February 2023,” said GASTAT in the report.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia and the United States Strengthen Ties Amid Global Developments
Saudi Arabia Hosts Global Conference to Promote Islamic Unity
The Impact of Artificial Intelligence on Education and Child Development
Saudi Arabia Announces Competition for Best Founding Day Outfits
Saudi-EU Food Security Officials Hold Talks to Strengthen Collaboration
Putin Expresses Gratitude to Saudi Crown Prince for Hosting US-Russia Talks
UK and Saudi Arabia Enhance Collaboration in Innovation and Technology
Denmark's Embassy in Riyadh Showcases Danish Cuisine with Saudi Influence
Saudi Artist Salman Al-Amir Unveils 'Tafawut' Exhibition in Riyadh
Saudi Arabia Offers Condolences to Kuwait Following Military Exercise Fatalities
Saudi Ministry of Islamic Affairs Completes Ramadan Preparations in Madinah
Etidal Secretary-General Hosts UN Counter-Terrorism Director in Riyadh
ADNOC Drilling Targets Over $1 Billion in Investments for 2025 Amid Gulf Expansion Plans
Derayah Financial Achieves Remarkable Growth in Saudi Brokerage and Asset Management
Saudi Arabia Shortlists 30 Firms for Mining Licenses in Eastern Province and Tabuk
Saudi Foreign Minister Engages Counterparts at G20 Meeting in Johannesburg
Oil Prices Decline Amid Rising US Inventories
Saudi Arabia's NDMC Plans Green Bond Issuance by 2025
Moody’s Affirms Egypt’s Caa1 Rating Amid Positive Economic Outlook
Oman and Saudi Arabia Strengthen Economic Ties with New Agreements
Saudi Arabia Investments Propel Expansion of Qurayyah Power Plant
Saudi Capital Market Authority Advances SPACs and Direct Listings
Global Energy Leaders Gather in Riyadh for Symposium on Energy Outlooks
Al-Ahsa Region Sees 500% Growth in Tourism as Saudi Arabia Prioritizes Development
Saudi Arabia Advances Entrepreneurial Ecosystem in Al-Ahsa with New Agreement
King Salman Approves Official Saudi Riyal Symbol
Saudi Credit Card Lending Reaches $8.4 Billion Amid Digital Payment Expansion
King Salman Approves Official Symbol for Saudi Riyal
Putin Thanks Saudi Crown Prince for Facilitating U.S.-Russia Discussions
Saudi Foreign Minister Attends G20 Meeting in Johannesburg
Saudi Arabia Prepares for Nationwide Founding Day Celebrations
Inauguration of Hira Park and Walkway Enhances Jeddah's Urban Landscape
Crown Prince Hosts Leaders for Informal Meeting in Riyadh Amid Gaza Rebuilding Plans
Saudi Official Highlights Achievements and Media's Role in National Transformation
Three Expatriate Women Arrested for Prostitution in Riyadh
Saudi Arabia's Diplomatic Evolution Highlighted at Saudi Media Forum
Healthy Eating and Preparation Essential for Ramadan Fasting
Saudi Arabia and Japan Forge Sustainable Textile Partnership
Advanced Limb Surgery Restores Mobility in Pediatric Cancer Patient
Jeddah Event Explores AI's Role in Boosting Saudi Arabia's SME Sector
UN Representative Highlights AI's Role in Perpetuating Gender Stereotypes
Saudi and Jordanian Leaders Discuss Enhanced Security Cooperation in Amman
Saudi British Society Honors Cultural Bridge-Builders at London Gala
Saudi Media Forum 2025 Explores AI's Role in Modern Journalism
Saudi Arabia's Saqer Al-Moqbel Appointed as WTO General Council President for 2025–2026
Saudi Deputy Ministers Engage in Diplomatic Discussions with U.S. and Dutch Officials in Riyadh
Saudi Arabia to Launch Iftar Program in 61 Countries During Ramadan
Saudi Visitors Expected to Spend £942 Million in UK During 2025
Saudi Arabia Gifts Kaaba's Kiswah to Uzbekistan's Center of Islamic Civilization
Digital Cooperation Organization Concludes Fourth General Assembly with Multiple Agreements
×