{"id":81934,"date":"2024-01-16T00:00:00","date_gmt":"2024-01-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/16\/consumer-price-growth-cooled-in-december-2023-to-lowest-rate-in-more-than-a-year\/"},"modified":"2024-01-16T00:00:00","modified_gmt":"2024-01-16T00:00:00","slug":"consumer-price-growth-cooled-in-december-2023-to-lowest-rate-in-more-than-a-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/01\/16\/consumer-price-growth-cooled-in-december-2023-to-lowest-rate-in-more-than-a-year\/","title":{"rendered":"Consumer price growth cooled in December 2023 to lowest rate in more than a year"},"content":{"rendered":"

Inflation cooled off to 1.5% y-o-y in December 2023<\/strong>, down from 1.7% in the previous month as residential rents rose at a slower pace, according to the latest General Authority for Statistics (GASTAT) figures (pdf)<\/a>. This is the lowest recorded rate in over a year. Inflation is now on a seven-month downward trend if you include the rise in November. <\/p>\n

The usual suspect: rent. <\/strong>Housing rents were up 9% y-o-y in December, reflecting a 12.1% rise in the price of real estate. Restaurant and hotel prices were up 2.5% in December on an annual basis, while food and beverage prices rose 1.2%.<\/p>\n

A treat for shoppers:<\/strong> Clothing and footwear prices declined 4% y-o-y in December \u2014 the sharpest decline amongst all items. This was followed by a 3.2% decline in the price of furnishing and household equipment, and a 1.3% drop in transport prices. <\/p>\n

On a monthly basis, inflation was basically flat: <\/strong>Consumer prices fell 0.1% m-o-m in December, reflecting the 0.7% m-o-m bump in housing, water, electricity and gas prices compounded by a 0.4% m-o-m uptick in the price of restaurants and hotels. <\/p>\n

In line with expectations:<\/strong> Capital Economics expected inflation to slow down to 1.6% y-o-y in December on the back of a drop in food prices, it said in a report on Sunday<\/a>. <\/p>\n

The outlook:<\/strong> Inflation is forecasted to continue cooling down to 1% y-o-y by mid-2024, according to Capital Economics\u2019s report. While it\u2019s possible we could see it tick up again in 2H 2024, it will cool again by the start of 2025, the report read. .<\/p>\n

ANNUAL CONSUMER PRICES-<\/strong><\/p>\n

Average inflation came in at 2.3% y-o-y for the full year of 2023<\/strong> driven by a sustained hike in the prices of housing, water, electricity, gas and other fuels, according to GASTAT\u2019s latest annual average consumer price index (CPI) report (pdf)<\/a>. <\/p>\n

That\u2019s a bit slower than expected: <\/strong>While the IMF penciled in<\/a> a 2.8% inflation for 2023, the Finance Ministry forecasted it to come at 2.6%<\/a>.<\/p>\n

PRODUCER PRICES- <\/strong><\/p>\n

Producer prices rose 3% y-o-y in December driven by a 31% surge in basic chemicals <\/strong>and 14% increase in dairy products, according to the latest GASTAT figures (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Inflation came in a 2.3% on average in 2023<\/p>\n","protected":false},"author":1,"featured_media":81935,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2571],"tags":[70,69,27,10,21],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-81934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-consumer-prices","tag-cpi","tag-economy","tag-enterpriseam-ksa","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"6f8e2fe3-e61e-44ba-94cb-d5b13bd94ad4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/999.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Consumer price growth cooled in December 2023","related_issue":[81931],"teaser":"Inflation came in a 2.3% on average in 2023","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.37c21217-d3c2-4eb5-b56e-f11473c741d0.mp3"},"yoast_head":"\nConsumer price growth cooled in December 2023 to lowest rate in more than a year - 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