{"id":83521,"date":"2024-02-18T00:00:00","date_gmt":"2024-02-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/18\/inflation-slightly-up-1-6-in-january-backed-by-rents\/"},"modified":"2024-02-18T00:00:00","modified_gmt":"2024-02-18T00:00:00","slug":"inflation-slightly-up-1-6-in-january-backed-by-rents","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/18\/inflation-slightly-up-1-6-in-january-backed-by-rents\/","title":{"rendered":"Inflation slightly up 1.6% in January, backed by rents"},"content":{"rendered":"

Inflation slightly up in first month of the year<\/strong>:<\/strong>Inflation inched up to 1.6% in January 2024, slightly up from the 1.5% rate the previous month, according to the latest General Authority for Statistics (GASTAT) figures (pdf)<\/a>. The slight uptick in inflation last month ended a seven-month downward trend seen in most of 2023.<\/p>\n

Once again, rent is the culprit: <\/strong>Housing rents were up 9.3% in January, reflecting an 8.2% rise in the price of villas, according to the report, while prices of housing, water, electricity, gas and other fuels spiked by 7.8%. Food and beverages prices were up by 1% on the back of a 3.7% increase in vegetables prices, while restaurant and hotel prices were up 2.4% due to a 2.1% increase in catering services prices.<\/p>\n

Furniture, clothes and transportation are cheaper: <\/strong>Clothing and footwear prices declined by 4.1% y-o-y in January \u2014 the sharpest decline amongst all items as garment prices plunged by 6.3%. This was followed by 3.3% decline in the price of furnishing and household equipment, and a 1.1% drop in transport prices. <\/p>\n

On a monthly basis, inflation was basically flat:<\/strong> Consumer prices marginally rose 0.3% m-o-m in January, reflecting the 1.1% m-o-m bump in housing, water, electricity and gas prices compounded by a 0.3% m-o-m uptick in the price of food and beverages. <\/p>\n

The outlook: <\/strong>Inflation is forecasted to continue cooling down to 1% y-o-y by mid-2024, according to a report by Capital Economics<\/a> in January. 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

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

Producer prices rose 4.3% y-o-y in January driven by a 34% surge in basic chemicals<\/strong> and a 12% increase in refined petroleum products, according to the latest Gastat figures (pdf)<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Rent continues to drive the trend upwards<\/p>\n","protected":false},"author":1,"featured_media":83522,"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":[1098,27,10,21],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-consumer-price-index-cpi","tag-economy","tag-enterpriseam-ksa","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"88e7c20f-7441-4f31-a2c7-5a50196153c8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1594.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi inflation edged up to 1.6% in January thanks to rising rent prices","related_issue":[83508],"teaser":"Rent continues to drive the trend upwards","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.c20b1253-4224-406a-b2f5-c9165295a8e0.mp3"},"yoast_head":"\nInflation slightly up 1.6% in January, backed by rents - 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