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Saudi inflation rises to 3.3% in December
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Saudi Arabia’s inflation rose to 3.3% in December 2022 compared to the previous month, according to recent data by the General Authority for Statistics (GASTAT).
The cost-of-living index for December rose to 108.53 points, according to the base year 2018, from 105.06 points in the same month a year earlier.
The inflation rate is the highest since June 2021, when it reached 6.2%.
Inflation is measured by the change percentage in the cost of living between the current period and the corresponding period of the previous year. The increase or decline of inflation is measured compared to the previous month.
|
Saudi Inflation Rate |
|
|
Month |
Inflation rate |
|
January 2021 |
5.7% |
|
February |
5.2% |
|
March |
4.9% |
|
April |
5.3% |
|
May |
5.7% |
|
June |
6.2% |
|
July |
0.4% |
|
August |
0.3% |
|
September |
0.6% |
|
October |
0.8% |
|
November |
1.1% |
|
December |
1.2% |
|
January 2022 |
1.2% |
|
February |
1.6% |
|
March |
2.0% |
|
April |
2.3% |
|
May |
2.2% |
|
June |
2.3% |
|
July |
2.7% |
|
August |
3.0% |
|
September |
3.1% |
|
October |
3.0% |
|
November |
2.9% |
|
December |
3.3% |
The higher consumer price index (CPI) was mainly driven by a 5.9% year-on-year (YoY) rise in housing, water, electricity, gas & other fuels prices, and an increase of 4.2% in food & beverage prices.
|
CPI YoY Comparison – December 2021-2022 |
|
|
Main Groups |
Change |
|
Restaurants & Hotels |
6.8% |
|
Housing, Water, Electricity, Gas & Other Fuels |
5.9% |
|
Food & Beverages |
4.2% |
|
Transport |
4.1% |
|
Education |
3.6% |
|
Healthcare |
1.2% |
|
Communication |
1.0% |
|
Recreation & Culture |
0.8% |
|
Furnishing, Household Equipment & Maintenance |
0.6% |
|
Tobacco |
0.04% |
|
Personal Goods & Services |
(0.4%) |
|
Clothing & Footwear |
(1.4%) |
Inflation fell in Makkah, Dammam, Madinah, Abha, Buraydah, Hail, Al-Baha and Sakaka.
On the other hand, inflation rose in Riyadh, Jeddah, Taif, Al Hofuf, Tabuk, and Jazan. Arar saw a deflation in the same month. The inflation rate in Saudi cities is as follows:
|
Inflation Rate by City |
|
|||||
|
|
2021 |
2022 |
||||
|
City |
December |
August |
September |
October |
November |
December |
|
Riyadh |
2.0% |
3.6% |
3.2% |
2.8% |
2.9% |
3.8% |
|
Makkah |
1.4% |
1.7% |
2.4% |
2.5% |
2.4% |
2.2% |
|
Jeddah |
(1.4%) |
3.8% |
4.3% |
5.4% |
6.0% |
6.8% |
|
Dammam |
2.7% |
3.3% |
3.1% |
2.2% |
0.8% |
0.1% |
|
Madinah |
2.0% |
1.9% |
2.3% |
2.4% |
1.9% |
1.5% |
|
Taif |
(0.4%) |
1.7% |
1.6% |
1.5% |
1.8% |
1.9% |
|
Al Hofuf |
(0.3%) |
1.8% |
2.7% |
3.3% |
3.1% |
3.3% |
|
Abha |
(1.9%) |
2.5% |
2.7% |
2.9% |
2.3% |
1.7% |
|
Buraydah |
1.3% |
2.1% |
2.2% |
2.3% |
1.8% |
1.6% |
|
Tabuk |
3.4% |
1.9% |
2.0% |
1.7% |
1.5% |
1.6% |
|
Hail |
1.3% |
1.5% |
1.6% |
2.2% |
2.3% |
2.1% |
|
Jazan |
4.1% |
5.5% |
5.3% |
2.1% |
2.5% |
3.0% |
|
Najran |
6.0% |
(0.4%) |
(0.6%) |
(0.5%) |
(0.3%) |
0.7% |
|
Al-Baha |
2.5% |
2.2% |
1.7% |
1.7% |
1.6% |
0.9% |
|
Sakaka |
4.1% |
3.5% |
3.9% |
3.3% |
2.4% |
2.2% |
|
Arar |
1.4% |
1.6% |
0.9% |
(0.1%) |
0.5% |
(0.1%) |
|
Total |
1.2% |
3.0% |
3.1% |
3.0% |
2.9% |
3.3% |
The CPI reflects price changes of a fixed basket of goods and services that includes 490 items. The items were chosen based on the results of the Household Expenditure and Income Survey conducted in 2018.
Prices are collected through the point of sale (POS) field visits.
|
Relative Importance of Major Sections |
|
|
Expenditure Groups (2018) |
Percentage |
|
General Index |
100.0% |
|
Housing, Water, Electricity, Gas & Other Fuels |
25.50% |
|
Food & Beverages |
18.78% |
|
Transport |
13.05% |
|
Personal Goods & Services |
12.57% |
|
Furnishing, Household Equipment & Maintenance |
6.74% |
|
Communication |
5.62% |
|
Restaurants & Hotels |
5.60% |
|
Clothes & Footwear |
4.20% |
|
Recreation & Culture |
3.06% |
|
Education |
2.87% |
|
Healthcare |
1.43% |
|
Tobacco |
0.60% |
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