Riyadh: The data of the Kingdom of Saudi Arabia’s General Authority for Statistics showed that the consumer price index (inflation) rose during December 2022 by 3.3 percent on an annual basis, recording the highest level since June 2021, the Saudi Press Agency (SPA) reported.
The General Authority for Statistics in Saudi Arabia stated that prices jumped 0.3 percent on a monthly basis in December 2022, compared to a monthly increase of 0.1 percent in November 2022.
In a report, the Saudi Commission attributed the rise to an increase in the prices of housing, water, electricity, gas, and other fuels by 5.9 percent and food and beverage prices by 4.2 percent.
In November 2022, inflation was recorded at 2.9 percent, noting that the Saudi Finance Minister, Muhammad Al-Jadaan, expected in previous statements that the inflation rate in the Kingdom during 2022 would range between 2.1 and 2.3 percent.
The Kingdom remains the lowest among the G20 countries in inflation rates during 2022, as the inflation rate in Argentina exceeded 98 percent, then Turkey at 64 percent in December, to be the highest among the countries of the group.
The International Monetary Fund also maintained its forecast for the growth of the Saudi economy by 7.6 percent in 2022, and 3.7 percent this year. To be the fastest growing among the G20 countries.
