The Clap
The annual inflation rate continued to rise in KSA during August due to increased food, beverage, transportation, rent, and tuition prices.
The Deets
The General Authority for Statistics reported that the CPI increased in August by 3% YoY, compared to an increase of 2.7% YoY in July.
The increased food and beverage prices were the biggest drivers that led to increased inflation in the past month as they hold the largest relative weight in the CPI, according to the authority.
What this Means
Despite the increase in inflation, it is still at a relatively low level despite the global increase in commodity prices, which pushed the US and UK to the highest inflation levels in more than 4 decades.
Why this Matters
The inflation rate in August is the highest its been since June 2021, when it was recorded at 6.2%.
Inflation continues to rise in KSA ⬆️
