Annual Saudi Inflation Rate Rises 2.7% in July

Prices of food and beverages rise in Saudi Arabia (Asharq Al-Awsat)
Prices of food and beverages rise in Saudi Arabia (Asharq Al-Awsat)
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Annual Saudi Inflation Rate Rises 2.7% in July

Prices of food and beverages rise in Saudi Arabia (Asharq Al-Awsat)
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.



Saudi Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production
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Saudi Arabia Records Significant Increase in Potato Production

Saudi Arabia Records Significant Increase in Potato Production

The Saudi Ministry of Environment, Water and Agriculture announced a remarkable 47% increase in potato production in 2023, achieving a self-sufficiency rate of 86% with over 621,750 tons of potatoes produced compared to 423,770 tons in 2021.

This milestone was achieved after more than 17,000 hectares of land were cultivated with potatoes in 2023, up from 15,890 hectares in 2021. The potato production surge has positively impacted the manufacturing sector, stimulating investment and the use of advanced technologies.

According to the Ministry, overall vegetable production in 2023 reached 3.21 million tons, marking a 19% rise from 2020.

The significant improvement in agricultural productivity and its SAR109 billion contribution to the GDP are attributed to the Ministry's strategic initiatives focused on boosting self-sufficiency, attracting investments, and providing financial support, including increased financing rates for modern technology-based projects.

By prioritizing local production and reducing reliance on imports, the ministry aims to achieve the goals outlined in Saudi Vision 2030 and diversifying the national economy.