Prices of Goods and Services in Saudi Arabia Show Mixed Trends in December 2023

The Saudi General Authority for Statistics (GASTAT) has released official data showing that prices of 63 goods and services in Saudi Arabia declined year-on-year (YoY) in December 2023. However, prices of 100 other items rose, while one commodity remained unchanged YoY out of a total of 169 goods and services.

Among the food products analyzed, Al Safi yogurt experienced the largest rise by 33.33% YoY last month, followed by local onions with a rise of 32.82%. On the other hand, Indian pomegranates and local eggs saw the steepest declines YoY at 18.9% and 16.59%, respectively.

In terms of construction materials, prices increased for 14 products YoY in December while declining for 24 others during the same period.

Within livestock and fodder products, seven items saw price increases YoY last month while six others fell annually.

Regarding clothing items, seven experienced price increases while three saw decreases within this category.

For miscellaneous personal goods and services, three items showed price climbs YoY in December while one item fell compared to the previous year.

All detergent products witnessed price increases last month compared to the same period a year ago.

In health services analysis, two categories showed slight price increases in December while one service's cost fell YoY.

Under maintenance and repair services for personal means of transportation; prices rose for two categories during this period.

The hotel industry also experienced an annual increase as both hotel stays and furnished apartment services saw rising prices in December compared to the previous year.

Lastly, Marlboro cigarettes maintained a stable price throughout December under the tobacco category.

The data highlights mixed trends in the prices of goods and services, reflecting the dynamic nature of the Saudi Arabian market. GASTAT's findings provide valuable insights into consumer spending patterns and inflationary pressures, aiding policymakers and businesses in making informed decisions.