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Annual Saudi Inflation Rate Rises 2.7% in July

Annual Saudi Inflation Rate Rises 2.7% in July

Monday, 15 August, 2022 - 10:15
Prices of food and beverages rise in Saudi Arabia (Asharq Al-Awsat)

The General Authority for Statistics (GASTAT) released on Monday the results of the Saudi Consumer Price Index and Wholesale Price Index for July 2022.

On its official website, GASTAT said that the consumer price index rose 2.7% in July from a year earlier, increasing from 2.3% in June.

The main driver of CPI inflation was a 3.9% increase in prices of food and beverages and 3.6% in transport mainly due to a 4.2% increase in the prices of vehicles.

Food and beverage prices increased by 3.9%, mainly due to food prices (4.2%), and meat prices (5.1%).

The prices of personal goods and services increased by 2.1%, mainly impacted by a 22.0% price rise in wedding hall rentals.

Moreover and due to the increase in prices of catering services by 6.3%, the prices in restaurants and hotels increased by 6.3%.

Education increased by 5.7%, and housing, water, electricity, gas, and other fuel prices increased by 2.0%, as a result of the increase in housing rentals by 2.1%.

The general wholesale price index for the month of July 2022 increased by 6.8%, compared to 2021. The increase came mainly due to a 5% increase in the price of metal products, machinery, and equipment.

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