By: Omnia Osama— The Kingdom’s annual inflation rate reached 1.5% in June 2024, compared to June 2023. According to General Authority of statistics report.
The GASTAT’s reports stated that this increase will be followed by rise in the price of housing, water, electricity, gas, and other fuels by 8.4%.
General authority of statistics has expected that education sector will saw an increase of 1.1% as well as, food and beverage price rates will record 6.5%.
Additionally, the cost of accommodation services, hotels and restaurants will reach 2.4 %. However, The prices of home equipment was supposed to decline alongside 3.7% decrease in furniture. Also, Clothing and footwear prices will drop to 3.6%.
Concerning consumer price index (CPI), The consumer price rate increased to 0.1% in June 2024 compared to May 2024.
Furthermore, CPI measures the prices paid by consumers for a fixed basket of goods and services consisting of 490 items. The basket was selected based on the results of the household income and expenditure survey conducted in 2018.
It is worth noting that the inflation rate is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year. The increase or decline of inflation is measured compared to the previous month.
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