{"id":87934,"date":"2024-07-17T00:00:00","date_gmt":"2024-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/17\/inflation-cools-off-for-the-first-time-in-three-months\/"},"modified":"2024-07-17T00:00:00","modified_gmt":"2024-07-17T00:00:00","slug":"inflation-cools-off-for-the-first-time-in-three-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/17\/inflation-cools-off-for-the-first-time-in-three-months\/","title":{"rendered":"Inflation cools off for the first time in three months"},"content":{"rendered":"

I<\/strong>nflation decelerated slightly to 1.5% y-o-y in June, marking the first month of decline <\/strong>following a three-month plateau<\/strong>, according to the General Authority for Statistics\u2019 (Gastat) latest consumer price index (pdf)<\/a>. The figure had been holding steady at 1.6% from March<\/a> through to May<\/a>. Overall, consumer prices increased at a slower clip in June compared to the previous month, inching up 0.1% primarily driven by an 0.7% increase in housing rents. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.) <\/p>\n

The culprit? It\u2019s <\/strong>always rent<\/strong>:<\/strong> Actual housing rents \u2014 which weighs the heaviest of all components in the Saudi consumer basket \u2014 experienced the most significant y-o-y rise, growing 10.1% in June compared to the same month in 2023 on the back of a 7.9% increase in villa rents, according to the statistics agency. <\/p>\n

REMEMBER-<\/strong> Retailers and mall operators are also facing higher rents, with average rental rates in Riyadh\u2019s retail market<\/a> increasing by 3% y-o-y to SAR 2.7k per sqm for regional and international malls, according to a recent Saudi market overview by Knight Frank. \u0650Even so, occupancy rates have risen to 90% y-o-y, supported by a 56% y-o-y tourism boom in 2023<\/a>. <\/p>\n

Food and beverage and the education sectors each saw prices rise 1.1% y-o-y in June<\/strong>, mainly driven by a 6.5% y-o-y rise in vegetable prices and a 4.1%y-o-y rise in secondary school fees. The cost of dining out or staying at a hotel grew 2.4% y-o-y on the back of a 9.8% increase in accommodation service prices. <\/p>\n

Want to dig deeper? <\/strong>Dive into the government\u2019s breakdown of the average prices of goods<\/a>and services for June here (pdf)<\/a>. <\/p>\n

Meanwhile, carpets, clothes, and cars are getting cheaper:<\/strong> Furniture and home item prices fell 3.7% y-o-y, on the back of a 6.0% drop in the price of carpets and flooring. Additionally, a 6.3% price drop in ready-made clothing drove down the price of clothing and footwear 3.6% y-o-y, marking a fourth-month downward trend<\/a>. Transportation was down 2.7% y-o-y, driven by a 4.6% drop in the price of cars.<\/p>\n

Producer prices remained unchanged from May<\/strong>, holding steady at 3.2% y-o-y in June, according to Gastat\u2019s wholesale price index (pdf)<\/a>. The uptick was driven by basic chemicals (up 13.4% y-o-y) and refined petroleum products (up 12% y-o-y), as well as food products, beverages, tobacco, and textiles, which rose 1.3% y-o-y.<\/p>\n","protected":false},"excerpt":{"rendered":"

Car prices fell 4.6% y-o-y in June<\/p>\n","protected":false},"author":1,"featured_media":87935,"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":[27,10,21,2883],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam-ksa","tag-inflation","tag-the-general-authority-for-statistics-gastat","wpautop","entry"],"acf":{"mongo_id":"845c1d91-bf5b-43f0-b9aa-2b392329681e","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1317.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Inflation cools off for the first time in three months","related_issue":[87923],"teaser":"Car prices fell 4.6% y-o-y in June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.c75fc0ed-d500-4991-996e-4a76b5203281.mp3"},"yoast_head":"\nInflation cools off for the first time in three months - 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