Saudi Arabia's January inflation climbs to 1.6% amidst rent increases

Posted on February 16, 2024   |  

In January, Saudi Arabia's annual inflation rate rose to 1.6% from the previous month's 1.5%, mainly due to increasing rents.

Housing rents surged by 9.3% in January 2024, especially in villa prices, which rose by 8.2%. Costs for housing, water, electricity, gas, and other fuels also increased by 7.8% compared to the previous year.

Food and beverage prices went up by 1%, driven by a 3.7% increase in vegetable prices.

Prices for restaurants and hotels rose by 2.4%, largely because of a 2.1% increase in catering service costs.

Education prices increased by 1.2%, mainly because of a 4.3% rise in secondary education prices.

Despite global inflation levels, Saudi Arabia's inflation remained relatively low, decreasing from 3.4% in January 2023.