Saudi inflation holds at 1.9% in September as global shipping risks loom

Inflation rate unchanged

Data released on Thursday by the General Authority for Statistics (GASTAT) showed that Saudi Arabia’s annual inflation rate remained steady at 1.9 percent in September 2026, with consumer prices unchanged from the previous month despite concerns over global shipping risks and supply‑chain disruptions.

Sector‑level consumer price changes

GASTAT reported that the Consumer Price Index (CPI) was 1.9 percent higher than in September 2025, while the month‑on‑month CPI reading was flat. It also noted that the Wholesale Price Index (WPI) rose 4.2 percent year‑on‑year but slipped 0.2 percent compared with August 2026.

The GASTAT breakdown showed that the biggest annual rise in consumer prices came from housing, water, electricity, gas and other fuels, which increased 3.6 percent, driven mainly by a 3.5 percent gain in actual housing rents. The personal care, social protection and other goods and services sector rose 3.3 percent, largely because other personal effects jumped 11.9 percent, reflecting a 12.9 percent increase in jewellery and watch prices. Recreation, sports and culture prices climbed 2.5 percent, with holiday package costs up 4.5 percent. In contrast, furniture, household appliances and routine household maintenance fell 0.5 percent, and clothing and footwear dropped 0.4 percent.

GASTAT calculated the contribution of each sector to the overall inflation rate. Housing, water, electricity, gas and other fuels added 0.7 percentage points, food and beverages and transportation each contributed 0.3 points, personal care, social protection and other goods and services added 0.2 points, and all remaining categories together accounted for another 0.3 points.

Wholesale price index movements

On the wholesale side, GASTAT said the WPI was 4.2 percent higher than a year earlier, with increases across all major categories. Other transportable goods, excluding metal products and machinery, rose 7.1 percent year‑on‑year, pushed up by a 26.1 percent jump in basic chemical prices and a 2.6 percent rise in refined petroleum products and fuels. Agricultural and fishing products increased 4.4 percent, reflecting a 5.6 percent rise in agricultural product prices and a 2.7 percent gain in live animals and animal products. Food, beverages, tobacco and textiles rose 1.3 percent, driven by a 2.2 percent increase in meat, fish, fruits, vegetables and oils and a 0.7 percent rise in grain mill products, starches and other food items. Metal products, machinery and equipment edged up 0.2 percent, supported by a 1.4 percent rise in electrical machinery and equipment and a 1.6 percent increase in radio, television and communication equipment. Ores and minerals climbed 2.2 percent, mirroring a similar rise in stone and sand prices.

Month‑on‑month, the WPI fell 0.2 percent in September 2026 versus August, mainly because other transportable goods, excluding metal products and machinery, dropped 0.4 percent. This decline was driven by a 0.9 percent fall in refined petroleum products and fuels and a 0.1 percent drop in pulp, paper, paper products and printed materials. Metal products, machinery and equipment also slipped 0.1 percent, reflecting a 0.6 percent decline in basic metal prices. Food, beverages, tobacco and textile prices eased 0.1 percent, due to a 0.3 percent drop in grain mill products, starches and other food items and a 0.1 percent fall in beverage prices. Agricultural and fishing products rose 0.3 percent, lifted by a 0.4 percent increase in agricultural product prices. Ores and minerals edged up 0.1 percent, matching a similar gain in stone and sand values.

Monthly price variations

GASTAT said the CPI was unchanged month‑on‑month in September 2026, reflecting mixed movements. Housing, water, electricity, gas and other fuels rose 0.1 percent, underpinned by a 0.2 percent increase in actual housing rents. Food and beverage prices also rose 0.1 percent, as did personal care, social protection and other goods and services. Education services jumped 1.2 percent. Conversely, transportation prices fell 0.1 percent, restaurant and accommodation prices dropped 0.5 percent, recreation, sports and culture slipped 0.6 percent, and furniture, household appliances and routine household maintenance decreased 0.2 percent.