Saudi Arabia’s inflation rate hits 1.9% in October, the highest in 14 months

Saudi Gazette report

RIYADH — Saudi Arabia’s annual inflation rate rose to 1.9 percent in October 2024, according to the data released by the General Authority for Statistics (GASTAT) on Thursday. The inflation records the highest rate in 14 months, driven mainly by an 11.7 percent rise in housing prices, the highest pace since 2013. However, this rate is among the lowest in the G20 countries.

The GASTAT report showed that food and beverages, personal goods and services, jewelry, restaurants and hotels prices recorded an increase.

The biggest increase was for rents, which rose by 11.7 percent last month, and had the biggest impact on the pace of consumer price increases as they account for a quarter of the relative weight in the Consumer Price Index (CPI).

The CPI or inflation measures consumers’ prices for a fixed basket of goods and services consisting of 490 items. The basket was selected based on the household income and expenditure survey conducted in 2018. Prices are collected through field visits to points of sale.