{"id":84416,"date":"2024-03-17T00:00:00","date_gmt":"2024-03-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/17\/consumer-prices-rose-again-in-february\/"},"modified":"2024-03-17T00:00:00","modified_gmt":"2024-03-17T00:00:00","slug":"consumer-prices-rose-again-in-february","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/17\/consumer-prices-rose-again-in-february\/","title":{"rendered":"Consumer prices rose again in February"},"content":{"rendered":"

Inflation <\/strong>inched up to 1.8% y-o-y in February 2024<\/strong> from <\/strong>1.6% the month<\/a><\/strong>before<\/a><\/strong>, <\/font>according to figures from the General Authority for Statistics (GASTAT) (pdf)<\/a>. That\u2019s the second month that prices have risen after January\u2019s reading interrupted a seven-month downward trend. You can dive deeper into GASTAT\u2019s full report on February's average prices of goods and services here<\/a>. <\/p>\n

No <\/strong>surprises <\/strong>here \u2014 rent is to blame: <\/strong>Rent was up 10% y-o-y in February 2024, reflecting a 9.1% increase in the price of villas, while the price of housing, water, electricity, gas and other fuels spiked by 8.5%. Food and beverage prices rose 1.3% y-o-y last month on the back of a 7.6% increase in vegetable prices, while restaurant and hotel prices were up 2.5% y-o-y in February thanks to a 2.2% uptick in the cost of catering services. Culture and recreation prices were up 1.6% on the back of a 6.1% rise in package holiday prices. The cost of education rose 1.2% reflecting a 4.3% increase in the cost of secondary education. <\/p>\n

You can get clothes, furniture and transportation for less: <\/strong>Clothing and footwear prices declined by 4% y-o-y last month\u2014 the sharpest decline amongst all items as garment prices plunged by 6.4%. This was followed by a 3% decline in the price of furnishing and household equipment, and a 0.9% drop in transport prices.<\/p>\n

Consumer prices inched up 0.2% m-o-m in February 2024<\/strong>, reflecting the 1.2% m-o-m bump in housing, water, electricity and gas prices.<\/p>\n

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

Producer prices rose 3.1% y-o-y in February driven by a 12% hike in refined petroleum <\/strong>products <\/strong>and a 10.8% increase in basic chemicals, GASTAT figures<\/a> show. Food products, beverages, tobacco and textile prices were up 2% y-o-y reflecting a 9.2% increase in the price of leather goods compounded by a 2.9% increase in the prices of dairy products.<\/p>\n

On a monthly basis, wholesale prices fell 1.2% m-o-m in February<\/strong>, driven by a 3.2% drop in the prices of other transportable goods on the back of a 21% decrease in the cost of basic chemicals. <\/p>\n","protected":false},"excerpt":{"rendered":"

Producer prices rose 3.1% y-o-y last month<\/p>\n","protected":false},"author":1,"featured_media":84417,"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":[1098,27,10,1433,21,7],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-consumer-price-index-cpi","tag-economy","tag-enterpriseam-ksa","tag-general-authority-for-statistics-gastat","tag-inflation","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"ff77a08e-1a4d-48c2-b937-55bede915018","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1388.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi consumer prices rose for the second month in a row in February 2024","related_issue":[84412],"teaser":"Producer prices rose 3.1% y-o-y last month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.8625b072-87a3-4460-aabc-e52d1f98d682.mp3"},"yoast_head":"\nConsumer prices rose again in February - 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