Saudi cost of living in line with swift economic progress: Mercer

Saudi cost of living in line with swift economic progress: Mercer

The cost of living in Saudi Arabia is evolving in line with swift economic progress as the kingdom’s robust economic foundation holds promising prospects for growth and individual living standards even in the face of inflation. The latest data from consulting firm shows that a key driver behind the changes in the country’s cost of living rankings in 2023 has been an increase in the cost of groceries and personal care items, which rose by 7 per cent and 5 per cent, respectively. The consulting firm’s survey revealed that Riyadh and Jeddah have ascended the global rankings to the 85 and 101 spots, respectively. However, the two cities are still positioned among the more economically favourable globally for expatriates. The data collected from expatriates living in compounds also indicated a modest 4 per cent annual increase in accommodation costs – significantly lower compared to the world’s costliest cities, with Singapore (2nd) registering average rent increases of 50 per cent. Outside of the modest rise in housing costs in Saudi Arabia, Mercer said the cost of eating out at restaurants rose by 4 per cent. However, unlike much of the GCC region, the cost of utilities, transportation and leisure have remained