Riyadh, Saudi Arabia–Saudi Arabia’s Consumer Price Index in August increased by 3 percent over Aug 2021, higher than July inflation rate of 2.7 percent, the kingdom’s General Authority for Statistics said.
The inflation rate for the last month was the highest in 14 months, or since June 2021, when it reached 6.2 percent.
The main driver of CPI inflation in August is the higher prices of food & beverages and transport (4 percent each)
The cost-of-living index for August rose to 107.61 points, according to the base year 2018, compared to 104.48 points in the same month a year earlier.
Inflation is measured by the change percentage in the cost of living between the current period and the corresponding period of the previous year. The increase or decline of inflation is measured compared to the previous month.
Wholesale Price Index up 5.6 percent
In August 2022, the Wholesale Price Index (WPI) increased by 5.6 percent compared to the same month in 2021, but down from 6.8 percent in July 2022. The increase resulted mainly from the increase in metal products, machinery and equipment prices that have a relatively high weight in the index.
Other transportable goods prices decreased by -0.1 percent, as a result to the decrease in basic chemicals prices (-1 percent).
Agriculture and fishery products prices decreased by 2 percent, as a result to the decrease in live animals and animal products (4 percent). Ores and minerals prices decreased by -0.3 percent, due to the decrease in stones and sand prices (-0.3 percent).
On the other hand, food products, beverages, tobacco, and textiles prices increased by 0.1 percent, as a result to the increase in dairy products prices by (1.6 percent).