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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)
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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.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.