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Saudi Inflation Ticks up for Second Month in Row

A Saudi woman wearing protective gloves shops at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 11, 2020. REUTERS/Ahmed Yosri/Files
A Saudi woman wearing protective gloves shops at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 11, 2020. REUTERS/Ahmed Yosri/Files
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Saudi Inflation Ticks up for Second Month in Row

A Saudi woman wearing protective gloves shops at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 11, 2020. REUTERS/Ahmed Yosri/Files
A Saudi woman wearing protective gloves shops at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia May 11, 2020. REUTERS/Ahmed Yosri/Files

Saudi Arabia's annual inflation inched up to 3.4% in January from 3.3% a month earlier as higher housing expenses continued to drive up living costs, government data showed on Wednesday.

Housing, water, electricity, gas and other fuels, with a 25.5% weight of the consumer basket, the largest category, rose 6.6% from a year earlier.

"Actual rents for housing increased by 7.7% in January 2023, reflecting the increase in rents for apartments of 19.3%," the country's General Authority for Statistics said.

Food and beverage prices, which were the main driver of inflation during much of 2022, rose 4.2% from a year earlier.

Compared to December, consumer prices rose 0.2%, the statistics agency said.

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UN's FAO: World Food Prices Increase in April

FILE - A customer checks his shopping receipts while waiting in line at the food court at Costco Wholesale store in Glendale, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File)
FILE - A customer checks his shopping receipts while waiting in line at the food court at Costco Wholesale store in Glendale, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File)
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UN's FAO: World Food Prices Increase in April

FILE - A customer checks his shopping receipts while waiting in line at the food court at Costco Wholesale store in Glendale, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File)
FILE - A customer checks his shopping receipts while waiting in line at the food court at Costco Wholesale store in Glendale, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File)

Global food commodity prices increased in April, driven by higher cereal, meat and dairy product prices that outweighed falls in sugar and vegetable oils, the United Nations' Food and Agriculture Organization said on Friday.
The FAO Food Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 128.3 points in April, up 1% versus the March estimate of 127.1 points, Reuters reported.
The April reading was also 7.6% higher than the same month a year ago but 19.9% below a March 2022 peak reached following Russia's full-scale invasion of Ukraine.
For cereals, FAO's price index rose 1.2% from March as wheat prices edged up due to tighter exports from Russia, rice rose on stronger demand and corn stocks tightened in the United States.
"Currency fluctuations influenced price movements in world markets, while tariff policy adjustments raised market uncertainty," the FAO added.
Despite the April rise, the cereal price index was 0.5% below its year earlier level.
Also driving food prices higher, the FAO's meat price index rose 3.2% last month, led by pig meat prices and firm import demand for bovine meat.
The dairy price index rose 2.4% in April and jumped 22.9% versus a year ago as butter prices hit record highs thanks to declining inventories in Europe.
By contrast, FAO's vegetable price index fell 2.3% last month due to a sharp decline in palm oil prices, while the sugar price index dropped 3.5% on fears over the uncertain global economic outlook.
In a separate cereal report, FAO kept its forecast for world wheat production unchanged at 795 million metric tons, on par with 2024 levels.
The agency decreased its estimate slightly for global cereal production in 2024 to 4.848 billion tons from 2.849 billion.