{"id":91589,"date":"2024-11-17T00:00:00","date_gmt":"2024-11-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/17\/inflation-registers-a-record-high-this-year-at-1-9-y-o-y-in-october\/"},"modified":"2024-11-17T00:00:00","modified_gmt":"2024-11-17T00:00:00","slug":"inflation-registers-a-record-high-this-year-at-1-9-y-o-y-in-october","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/17\/inflation-registers-a-record-high-this-year-at-1-9-y-o-y-in-october\/","title":{"rendered":"Inflation registers a record high this year at 1.9% y-o-y in October"},"content":{"rendered":"

Inflation accelerated to 1.9% y-o-y in October<\/strong>, up from 1.7% in September<\/a>, according to the latest figures from the General Authority for Statistics (Gastat) (pdf)<\/a>. October\u2019s readings mark the highest inflation rate seen so far this year. On a monthly basis, prices inched up 0.3%, driven by an 0.8% uptick in the combined housing, water, electricity, gas, and other fuels category. <\/p>\n

IN CONTEXT- <\/strong>Inflation has been on an upward trajectory since August<\/a>, largely driven by rising rental prices<\/a>, following a two-month period where it held steady at 1.5% in June and July<\/a>. Meanwhile, the International Monetary Fund sees Saudi inflation remaining stable at about 2% over the medium term, Reuters<\/a> said.<\/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

Home rentals are driving the increase: <\/strong>House rental prices \u2014 the heaviest weighted component in the domestic consumer basket \u2014 rose 11.6% y-o-y last month, on the back of a 11.3% surge in apartment rentals. This led to a 9.6% increase in the prices of housing, water, electricity, gas, and other fuels. Similarly, restaurant and hotel rates were up 1.9% during the period, driven by a 3.6% bump in hotel and serviced apartment fees. <\/p>\n

Also feeling the pinch:<\/strong> Personal goods and service rates rose 2.3% y-o-y on the back of a 24.1% increase in the prices of jewelry, watches, and antiques. Education costs ticked up 1.1% y-o-y, led by a 1.8% rise in intermediate and secondary school fees, while food and beverage prices edged up 0.1% due to a 2.6% rise in vegetables.<\/p>\n

Softening the blow: <\/strong>Furnishing and home appliance prices slipped 3.1% y-o-y, thanks to a 5% decrease in the prices of furniture, carpets, and flooring. At the same time, a 5.1% decline in ready-to-wear clothes pushed overall apparel and footwear prices down 2.7% y-o-y and transportation costs eased 3.1%, driven by a 4.2% drop in car prices. <\/p>\n

MEANWHILE- Producer prices rose 2.4% y-o-y in October<\/strong>, on the back of a 12% increase in the prices of refined petroleum products, according to Gastat\u2019s wholesale price index (pdf)<\/a>. Meanwhile, October wholesale prices were down 0.2% m-o-m. <\/p>\n

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

House rental prices rose 11.6% y-o-y last month<\/p>\n","protected":false},"author":1,"featured_media":91590,"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":[209,27,10,2663,21],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91589","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","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"a2625fd1-3efa-44f6-96bc-27275473751e","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1483.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Inflation registers a record high this year at 1.9% y-o-y in October","related_issue":[91584],"teaser":"House rental prices rose 11.6% y-o-y last month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.98b3db9f-2c38-4d57-8f8d-27b69dc6a3a9.mp3"},"yoast_head":"\nInflation registers a record high this year at 1.9% y-o-y in October - 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