The monthly consumer price index index in Saudi Arabia declined to 2 percent during August 2023, compared to July of the same year, which amounted to 2.3 percent.
According to the General Authority for Statistics, the decline is due to a decrease in the prices of the following sections: food and beverages by 0.2 percent, home furnishing and equipment by 0.3 percent, clothing and shoes -0.3 percent, miscellaneous personal goods and services -0.3 percent, transportation -0.4 percent, and communications. -0.3 percent, health -0.2 percent, and entertainment and culture -0.1 percent.
While the prices of the following sections: housing, water, electricity, gas, and other types of fuel, increased by 0.7 percent, which in turn was affected by the increase in actual rental prices for housing by 0.8 percent, and the prices of restaurants and hotels also increased by 0.6 percent.
Annual inflation
While the annual consumer price index index in Saudi Arabia reached 2 percent during August 2023, compared to its counterpart last year, which amounted to 9 percent, and the prices of food and beverages rose 0.4 percent.
Actual housing rents in the Kingdom rose by 10.8 percent on an annual basis in August, and were affected by the increase in apartment rental prices by 22.5 percent. The rise in this group had a significant impact on the rise in annual inflation for August 2023, given its large weight in the index, which amounts to 21.0.
Food and beverage prices also rose by 0.4 percent on an annual basis, affected by a 5.9 percent increase in the prices of milk, dairy products, and eggs. Transportation also recorded an increase of 0.5 percent, affected by a 3.6 percent increase in the prices of transportation services. Restaurants and hotels also recorded an increase of 2.7 percent, affected by a 2.1 percent increase in the prices of catering services. The Education Department also recorded an increase of 1.8 percent. Affected by the 5.5 percent increase in higher education prices.
On the other hand, the prices of the home furnishing and equipment division decreased by 3.2 percent, affected by the decrease in the prices of furniture, carpets, and floor coverings -4.6 percent. The prices of the clothing and shoes division also decreased by 4.2 percent, affected by the decrease in the prices of ready-made clothing -6.2 percent.
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