In Saudi Arabia, the Consumer Price Index (CPI) experienced a marginal decline of 0.1% compared to February 2024. This decrease in inflation signals a slight easing in price increments within the Kingdom, with inflation dropping from 2.7% in March of the previous year to 1.6% last month. Additionally, on a month-on-month basis, inflation decelerated further from 1.8% in February, as reported by the General Statistics Authority for Saudi Arabia (GSAT).

GSAT stated in its recent update, “In March 2024, the Consumer Price Index (CPI) recorded a slight decrease of 0.1% compared to February 2024. This monthly inflation index was influenced by a 0.7% decrease in the food and beverage sector, primarily driven by a 0.6% decline in meat and poultry prices.”

“Additionally, the index saw declines in prices across various categories: transportation by 0.7%, furnishing and home equipment by 0.7%, recreation and culture by 0.9%, communications by 0.3%, and tobacco by 0.1%,” stated the statistics authority.

The Consumer Price Index (CPI) in Saudi Arabia gauges the prices paid by consumers for a fixed basket of goods and services, comprising 490 items categorized into 12 broad groups spanning from food and beverages to health, transportation, and communications.

However, the largest category in the inflation basket in Saudi Arabia is housing, representing just over 20% of all items measured. This category encompasses water, electricity, and gas expenses.

Notably, rental prices have surged significantly since data was collected in March 2023, according to GSAT.

GSAT stated, “Actual housing rents increased by 10.5 per cent in March 2024, influenced by the increase in villa rents by 9.7 per cent.”

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