Saudi Arabia’s inflation rate remained relatively stable in April, with consumer prices rising 1.7 per cent year on year, reports the Arab News.
Data released by the kingdom’s General Authority for Statistics (GASTAT) showed the Consumer Price Index edged up 0.2pc month on month in April, reflecting moderate increases across several categories including food, housing and transportation.
The housing, water, electricity, gas and other fuels category remained the largest contributor to annual inflation, with prices rising 3.8pc from a year earlier. The increase was primarily driven by a 4.8pc rise in actual housing rents.
Compared with neighbouring Gulf economies, Saudi Arabia’s inflation rate remained relatively contained. Kuwait recorded annual inflation of 2.06pc in March, while Qatar’s latest inflation reading stood at 2.51pc in February.
In its latest report, GASTAT highlighted some of the areas of declining costs, stating that “the prices of furnishings, household equipment and routine household maintenance decreased by 0.5pc affected by the decline in the prices of furniture, furnishings and loose carpets by 1.9pc.”
Transport prices rose 1pc year on year, supported by a 5.2pc increase in passenger transport services, while restaurant and accommodation services also climbed 1pc.
Food and beverage prices increased 0.6pc annually, driven by a 1.8pc increase in fresh, chilled or frozen meat prices.
On a monthly basis, food and beverage prices rose 0.8pc in April, while housing and transport each recorded a 0.3pc increase compared with March.
Restaurant and accommodation services declined 0.3pc during the month, while prices for education, entertainment, communications and tobacco were largely unchanged.
Separate data from the statistics authority showed wholesale prices increased 3.3pc year on year in April, led by a 6.4pc increase in prices for other transportable goods excluding metal products, machinery and equipment. Wholesale prices rose 0.2pc month on month.
The authority said higher prices for basic chemicals, which surged 34.9pc annually, and refined petroleum products, which increased 3.9pc, were among the main contributors to wholesale inflation.
Prices for metal products, machinery and equipment rose 1.1pc year on year, supported by a 4.4pc increase in basic metals prices.
Food products, beverages, tobacco and textiles recorded a 0.8pc annual increase in wholesale prices, driven by higher prices for meat, fish, fruit, vegetables, oils and fats.
&uuid=(email))