Riyadh – Mubasher: Saudi Arabia’s Consumer Price Index (CPI) grew by 3.1% year-on-year (YoY) in September 2022, the General Authority for Statistics’ (GaStat) data showed.
The higher inflation rate in September was attributed to a 4.3% surge in the prices of food and beverages in addition to a 3.2% rise in the prices of housing, water, electricity, gas, and other fuels.
Prices of the transport industry also soared by 3.8% last month, backed by a 4.6% increase in the purchase of motor cars. Meanwhile, the prices of clothing and footwear retreated by 1% in September due to a 1.9% decline in garments.
On a monthly basis, the inflation rate in September 2022 was higher than August’s rate of 3% and July’s rate of 2.7% as well.
Wholesale Prices
The Wholesale Price Index (WPI) jumped by 4.6% YoY in September 2022, yet it was lower by 0.4% than 5.6% in August this year.
The surge resulted mainly from a 4.2% growth in the prices of other transportable goods. Prices of basic chemicals widened by 8.1%, whereas the prices of refined petroleum products increased by 3.5%.
It is worth noting that the International Monetary Fund (IMF) recently affirmed the Kingdom’s economic growth rate at 7.6% in 2022, higher than 3.2% in 2021.
