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November sees a 1.7% inflation spike in Saudi Arabia, fueled by housing & fuel price surge
Posted on December 18, 2023
In November 2023, inflation in Saudi Arabia grew by 1.7%.
The main reasons were higher costs for housing, water, electricity, gas, and fuel, which increased by 7.8% compared to November 2022.
The Consumer Price Index (CPI) for November 2023 showed a small increase of 0.2% from October 2023.
This was because the costs of housing, water, electricity, gas, and other fuels went up by 1.3%, mainly due to a 1.7% rise in rental rates for houses.
Other factors contributing to monthly inflation included a 0.6% increase in prices for restaurants and hotels, a 0.2% rise in various personal goods and services, and a 0.1% increase in tobacco prices.
On the flip side, prices in some categories decreased in November 2023.
Food and beverage prices went down by 0.1%, transportation costs by 0.6%, home furnishing and equipment by 0.5%, clothing and footwear by 0.7%, entertainment and culture by 0.9%, communications by 0.3%, and health by 0.2%.
Overall, the Consumer Price Index for November 2023 increased by 1.7% compared to the same month in 2022, slightly higher than the 1.6% recorded in the previous month.