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Saudi Arabia’s inflation up 2.7% in July; wholesale prices soar 7%

Saudi Arabia’s inflation up 2.7% in July; wholesale prices soar 7%
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Riyadh – Mubasher: The Consumer Price Index (CPI) of Saudi Arabia rose by 2.7% year-on-year (YoY) in July 2022, according to the Saudi General Authority for Statistics (GaStat).

The authority attributed the higher inflation rate in July to a 3.9% rise in the prices of food and beverages and a 3.6% increase in the transport sector.

On a monthly basis, the inflation rate in July was higher by 0.5% than June’s rate of 2.3%.

On the other hand, prices of clothing and footwear levelled down by 1.2% in July due to a 1.5% decrease in garments prices.

Wholesale Prices

The Wholesale Price Index (WPI) surged by 6.8% YoY in July 2022, while being lower by 0.4% than 8.1% in June this year.

The increase resulted from a 5% rise in prices of metal products, machinery, and equipment.

Meanwhile, the monthly decrease was mainly attributed to a drop in prices of other transportable goods and basic chemicals by 1.3% and 8.6%, respectively.