RIYADH: Saudi Arabia’s annual inflation rate for consumer prices increased by 1.7 percent in 2024 compared to the previous year, driven primarily by higher housing costs, official data revealed. 
According to the General Authority for Statistics, housing rental prices rose by 10.6 percent year on year in 2024, significantly contributing to the overall rise in inflation. Costs for housing, water, electricity, gas, and other fuels collectively increased by 8.8 percent last year compared to 2023. 
Despite the uptick, Saudi Arabia’s inflation rate remained among the lowest in the Middle East and globally, reflecting the Kingdom’s effective measures to ensure economic resilience and mitigate global price pressures. 
The rate also fell short of projections made by the World Bank in October 2024, which had estimated Saudi Arabia’s inflation to remain steady at 2.1 percent last year and 2.3 percent in 2025, both below the Gulf Cooperation Council average. 
In its latest report, GASTAT highlighted a 0.8 percent year-on-year increase in food and beverage prices in 2024. Costs for restaurants and hotels rose by 2 percent, while education expenses increased by 1.3 percent over the same period. 
The report noted declines in several categories. Clothing and footwear prices dropped by 3.4 percent, led by a 5.8 percent decrease in ready-made clothing prices. Similarly, furnishing and household equipment costs fell by 3.4 percent, and transport prices declined by 2.4 percent. 
Prices for entertainment and culture decreased by 1.3 percent, largely due to a 5.9 percent decline in audio-visual equipment prices, further emphasizing the nuanced shifts in consumer price indices across different sectors. 
Annual inflation holds steady in December 
In a separate report, GASTAT noted that Saudi Arabia’s annual inflation rate remained stable at 1.9 percent in December 2024 compared to the same month in 2023. 
Housing rents increased by 10.6 percent yearly in December, with villa rental prices rising by 9.9 percent during the same period. 
“The increase in this section (housing) had a significant impact on the continuation of the annual inflation pace for December 2024 due to the weight formed by this section, which amounted to 25.5 percent,” GASTAT stated. 
Costs for housing, water, electricity, gas, and other fuels rose 8.9 percent compared to the previous year, underscoring the sector’s influence on inflation. Food and beverage prices increased by 0.8 percent year on year in December, driven by a 2.8 percent rise in meat and poultry costs. 
Personal goods and services expenses grew by 2.2 percent in December, influenced by a 20.2 percent surge in jewelry, watches, and precious antiques prices. Education costs also rose by 1.1 percent, primarily due to a 1.8 percent increase in fees for intermediate and secondary education. 
Furnishing and home equipment prices dropped by 2.8 percent in December, while clothing and footwear expenses declined by 2.2 percent. Transportation saw a 2.5 percent decrease year on year, largely attributed to a 3.9 percent reduction in vehicle purchase prices. 

LONDON: The World Economic Forum has added Aramco’s North Ghawar Oil Producing Complex to its prestigious Global Lighthouse Network.

It is the fifth Aramco facility to earn a place in the network. The company said the addition honors its efforts to enhance operational and environmental performance.

Nasir K. Al-Naimi, the company’s upstream president, described the achievement as testament to the company’s focus on innovation and operational excellence.

“It validates our journey towards a truly digital and lower-carbon-emissions future, where technology empowers us to optimize our processes, reduce our environmental impact, and deliver exceptional value to our customers and shareholders.”

The Global Lighthouse Network, established by the forum in 2018 in collaboration with management consultancy McKinsey & Company, recognizes industrial facilities worldwide that have leveraged Fourth Industrial Revolution technologies to achieve measurable improvements in financial performance, operations and sustainability, and reduce environmental impacts.

The Aramco facility was one of 17 industrial sites worldwide added to the network on Tuesday. It now comprises 189 facilities worldwide, and Aramco is the only energy company represented by more than three facilities. The North Ghawar site is located in Al-Ahsa Governorate in the Eastern Province.