Saudi Arabia’s inflation climbed to 2.7% in July on rising food and transport prices – The National

Saudi Arabia’s inflation climbed to 2.7% in July on rising food and transport prices – The National

Consumer prices in Saudi Arabia increased by 2.7 per cent on an annual basis in July, as an increase in global food prices, made worse by the Russia-Ukraine conflict, added to inflationary pressures.

The Consumer Price Index in July was also higher than the 2.3 per cent rate of inflation recorded in June, Saudi Arabia’s General Authority for Statistics said in the latest CPI data released on Monday.

Overall food and beverage prices increased 3.9 per cent and “were the main driver of the inflation rate in July due to their high relative importance in the Saudi consumer basket, with a weight of 18.8 per cent", the Gastat report said.

Transport prices rose by 3.6 per cent, driven primarily by a 4.2 per cent increase in the prices of cars in the kingdom.

The cost of personal goods and services increased by 2.1 per cent on an annual basis, while restaurant and hotel prices jumped 6.3 per cent.

While the cost of education rose 5.7 per cent, housing, water, electricity, gas and other fuel prices increased by a more modest 2 per cent, according to government data.

Inflation globally has risen sharply during a steep increase in the prices of food and other commodities since