Riyadh– The General Authority for Statistics (GASTAT) released today on its official website the results of Consumer Price Index and Wholesale Price Index for July 2022.
In July 2022, the Consumer Price Index (CPI) increased by 2.7% compared to July 2021, higher than June’s inflation rate of 2.3%. The main driver of CPI inflation was the higher prices of food and beverages (+3.9%) and transport (+3.6%).
Food and beverage prices increased by 3.9%, mainly due to food prices (4.2%), and in particular Meat prices (+5.1%). Food and beverages prices were the main driver of the inflation rate in July 2022 due to their high relative importance in the Saudi consumer basket (with a weight of 18.8%).
Transport prices increased by 3.6%, mainly due to the increase in purchase of motor cars prices (+4.2%).
Personal goods and services prices increased by 2.1%, mainly resulting from the increase in prices of wedding hall rental (+22.0%). Restaurants and hotels prices increased by 6.3%, due to the increase in catering services prices by 6.5%. Education increased by 5.7%, mainly resulting from the increase in Secondary education by 10.1%. Housing, water, electricity, gas, and other fuels prices increased by 2.0%, as a result of the increase in rents for housing by 2.1%.
Meanwhile, the Wholesale Price Index (WPI) in July 2022 increased by 6.8% compared to the same month in 2021, down from 8.1% in June. The increase resulted mainly from the increase in Metal products, machinery and equipment prices (+5.0%) that have a relatively high weight in the index.
According to the GASTAT, metal products, machinery and equipment prices increased by 5.0%, due to the increase of General-purpose machinery prices (12.1%), in addition to fabricated metal products prices (6.4%), due to their weight in the index.
Other transportable goods increased by 5.7%, due to the increase of basic chemicals prices by 19.3%, and refined petroleum products prices by 3.5%.
Food products, beverages, tobacco and textiles prices increased by 9.1%, as a result of the increase in the prices of meat, fish, fruits, vegetables, oils and fats (23.1%) and grain mills products prices (5.9%).
Agriculture and fishery products prices increased by 17.2%, which resulted mainly from higher prices of agricultural products (19.8%), and live animals and animal products (12.6%).
Ores and minerals prices went up by 7.4%, due to the increase in stones and sand prices (7.4%).
The General Authority for Statistics 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. It also designs and implements field surveys, conducts statistical studies and researches, analyzes data and information, in addition to the documentation and archiving works of information and statistical data that cover all aspects of life in Saudi Arabia from its multiple sources.
Source: Saudi Press Agency
