RIYADH — The inflation rate in Saudi Arabia recorded an increase of 2.7 percent last month, compared to June of 2022. The rate of increase in inflation within a month stood at 0.2 percent in June 2023, compared to the previous month of May, according to the latest report of the General Authority for Statistics (GASTAT). The authority stated that the actual rents for housing in the Kingdom increased by 10.8 percent in June 2023, which was affected by the increase in apartment rental prices by 22.8 percent. The increase in this group had a significant impact on the annual inflation increase in June, given its weight in the index that accounted for 21 percent. The increase came on an annual basis, with an increase in the index of the food and beverage section by one percent, housing, water and electricity section by 9.1 percent, in addition to the increase in the transportation section by 1.6 percent. Inflation in Saudi Arabia continues to rise for the second month in a row after three consecutive months of slowdown. The inflation rate in Saudi Arabia increased on an annual basis to 2.8 percent during May 2023, which is also higher than April 2023, which was 2.7 percent. The data of the authority showed a decline in the wholesale price index by 1.3 percent last month, on an annual basis, and its decline also by 0.2 percent on a monthly basis. The inflation rate for the month of June 2023 also recorded an increase, on a monthly basis, in Riyadh, Dammam, Hail, and Najran. On the other hand, the inflation rate decreased in Makkah, Jeddah, Madinah, Hofuf, Abha, and Buraidah while the inflation rate recorded a negative number in Taif, Tabuk, Al-Baha, Sakaka, Arar and Jazan, the authority said in its report.
