Saudi Arabia's consumer price index rose 2.2% in May from a year earlier, government data showed on Wednesday, slowing from a 2.3% pace in April. The General Authority for Statistics' (GASTAT) released Wednesday on its official website the results of Consumer Price Index and Wholesale Price Index for May 2022. According to the authority, the CPI increased by 2.2% in May 2022 compared to May 2021, slightly below April's inflation rate of 2.3%. The main driver of CPI inflation in May were the higher prices of food and beverages (+4.2%) and transport (+4.0%). Food and beverage prices increased by 4.2%, mainly due to food prices (4.6%), and in particular meat prices (+3.4%). Food and beverages prices were the main driver of the inflation rate in May 2022. Transport prices increased by 4.0%, mainly due to the increase in the purchase of vehicles prices by 4.7%, which can be attributed to the increase in motor cars prices (+4.7%). Personal goods and services prices increased by 2.1%, mainly resulting from the increase in prices of wedding hall rental (+17.2%). Education prices increased by 6.2%, mainly resulting from the increase in secondary education fees by 13.8%. Restaurants and hotels prices increased by 4.1%, due to the increase in catering services prices by 3.9%. Housing, water, electricity, gas, and other fuels prices increased by 0.5%, as a result of the increase in rents for housing by 0.5%. On the other hand, the Wholesale Price Index (WPI) increased by 10.2% compared to the same month in 2021, down from 10.7% in April. The increase resulted mainly from the increase in other transportable goods prices (+12.0%). Other transportable goods increased by 12.0%, due to the increase of basic chemicals prices by 56.8%, and refined petroleum products prices by 7.7%. Metal products, machinery and equipment prices increased by 7.7%, due to higher prices of basic metals (10.8%), and general- purpose machinery prices (12.2%). Agriculture and fishery products prices increased by 17.1%, which resulted mainly from higher prices of agricultural products (19.4%), and live animals and animal products (13.1%). Food products, beverages, tobacco and textiles prices increased by 8.3%, as a result of the increase in the prices of meat, fish, fruits, vegetables, oils and fats (20.7%). Ores and minerals prices went up by 8.6%, due to the increase in stones and sand prices (8.6%). GASTAT is the only official statistical reference for statistical data and information in Saudi Arabia. It executes all the statistical work, in addition to the technical oversight of the statistical sector.. — SPA
