{"id":90577,"date":"2024-10-16T00:00:00","date_gmt":"2024-10-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/16\/inflation-hits-seven-month-high-in-september\/"},"modified":"2024-10-16T00:00:00","modified_gmt":"2024-10-16T00:00:00","slug":"inflation-hits-seven-month-high-in-september","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/16\/inflation-hits-seven-month-high-in-september\/","title":{"rendered":"Inflation hits seven-month high in September"},"content":{"rendered":"

Inflation accelerated to 1.7% y-o-y in September<\/strong>, up from 1.6% in<\/a>August<\/a>, according to the latest figures from the General Authority for Statistics (Gastat) (pdf)<\/a>. September\u2019s reading marks the highest inflation rate since February. On a monthly basis, prices inched up 0.1%, driven by a 0.8% uptick in housing rents and prices. <\/p>\n

IN CONTEXT- <\/strong>Inflation peaked this year in February at 1.8%<\/a>. Consumer prices have since grown at a steady 1.6% each month from March<\/a> through to May<\/a>, before dipping slightly to a seven-month low at 1.5% in June<\/a> and July<\/a>. <\/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

Once again, rent drove the increase:<\/strong> House rental prices \u2014 the heaviest weighted component in the domestic consumer basket \u2014 rose 11.2% y-o-y last month, fueled by a 10% surge in apartment rentals. This led to a 9.3% y-o-y increase in the prices of housing, water, electricity, gas and other fuels.<\/p>\n

Also getting more expensive:<\/strong> Restaurant and hotel rates rose 1.7% y-o-y on the back of a 1.5% increase in catering prices. Education tuition and fees grew 1.6% y-o-y, due to a 3.8% hike in intermediate and secondary school fees. Food and beverage prices were up 0.8% y-o-y driven by a 5.2% increase in vegetable prices. <\/p>\n

On the more affordable end: <\/strong>Furnishing and home equipment prices fell 3.7% y-o-y on the back of a 7% drop in the price of carpets, flooring, and furniture. The cost of transportation was down 3.3% y-o-y dragged by a 4.5% decline in car prices. Clothing and footwear prices dropped by 3.2% y-o-y, on the back of a 5.5% decrease in the price of ready-made clothes.<\/p>\n

MEANWHILE- Producer prices rose 3.1% y-o-y in September <\/strong>on the back of a 12% increase in the prices of basic chemicals and refined petroleum products, according to Gastat\u2019s wholesale price index (pdf)<\/a>. Meanwhile, September wholesale prices were up 0.3% m-o-m.<\/p>\n

Dive deeper into Gastat\u2019s full report<\/strong> on September\u2019s average prices of goods and services here (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

House rental prices were up 11.2% y-o-y last month<\/p>\n","protected":false},"author":1,"featured_media":90578,"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":[209,27,10,1433,21],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-consumer-price-index","tag-economy","tag-enterpriseam-ksa","tag-general-authority-for-statistics-gastat","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"471153de-dc44-4c4b-b8d0-d4265db629a7","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/24.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Inflation hits a seven-month high at 1.7%","related_issue":[90572],"teaser":"House rental prices were up 11.2% y-o-y last month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.114b102b-d03c-4596-81a2-ae651924f2b8.mp3"},"yoast_head":"\nInflation hits seven-month high in September - 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