The inflation rate in Saudi Arabia rose by 5.7 percent last May, compared to the same month of 2020.
According to the monitoring unit of the reports in the newspaper “Al-Eqtisadiah”, which was based on official data, this is the highest rate of rise in inflation since last January, “that is, within four months.”
Inflation rose last month mainly from food and beverage prices, the second section by weight in the index, 7.4 percent, and transportation, the third section by weight, 19.3 percent.
On the other hand, the education section fell 9.1 percent, and the housing section, water, electricity, gas and other fuels 2.6 percent, affected by a 3.7 percent drop in housing rental prices.
And inflation last month is the 18th consecutive rise, as it rose 0.7 percent in January 2020, 1.2 percent in February, 1.5 percent in March, and 1.3 percent in April, 1.1 percent in May, and 0.5 percent in June.
It rose in August by 6.2 percent, 5.7 percent in September, 5.8 percent in October and November, 5.3 percent in December, then 5.7 percent in January 2021, and 5.2 percent in August. percent in February, 4.9 percent in March, 5.3 percent in April, and finally 5.7 percent last May.
On a monthly basis, the data showed that prices rose 0.2 percent last month from March 2021.
During the whole of 2020, inflation rose 3.4 percent, which is lower than the government’s forecast of 3.7 percent.
The Saudi budget document for 2021 had expected inflation to rise by 3.7 percent in 2020, 2.9 percent in 2021, and 2 percent for 2022 and 2023.
The “housing, water, electricity, gas and fuel” section topped the weights of the 12 sections that make up inflation, with a weight of 25.3 percent, then “food and beverages” by 18.8 percent, then “transportation” with 9.9 percent, “home furnishing and maintenance” and “communication” with a weight 8.5 percent each.
Behind it comes the “restaurants and hotels” section with a weight of 6.5 percent, then “clothes and shoes” 6.2 percent, “advanced goods and services” 5.7 percent, “education” 4.2 percent, “recreation and culture” 3.4 percent, and ” Health” is 2.3 percent, and “tobacco” has a weight of 0.7 percent.
*Economic Reporting Unit