DUBAI, Feb 15 (Reuters) - Saudi Arabia's annual
inflation rate inched up to 3.4% in January from 3.3% in
December, with price rises again driven mainly by housing 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 by 19.3%," Saudi
Arabia'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.
"The monthly CPI was affected by the increase in housing,
water, electricity, gas, and other fuels prices by 0.8%, as a
result of the increase in actual rentals for housing by 1.0%"
compared to December, it said.
"Food and beverages prices increased by 0.5%, mainly due to
the increase in food prices by 0.4%, restaurants and hotels
prices increased by 0.3%, personal goods and services increased
by 0.1%, and furnishings, household equipment & maintenance
increased by 0.2%."
Transport prices were down 0.3% in January from December,
clothing and footwear prices fell 0.7% and communication was
down 0.7%.
With the exception of July 2020 to June 2021 - when
inflation spiked following a tripling of value-added tax to 15%
- inflation is the highest since July 2016, according to
Refinitiv data.
(Reporting by Yousef Saba; Editing by Sonali Paul)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.