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Saudi consumer price index rises by 0.6% in September

Saudi consumer price index

Saudi consumer price index increased in September 2021 by 0.6%, compared to the same month last year, according to the data of the Saudi General Authority for Statistics.

According to data the released today annual inflation rose last month from 0.3% levels recorded in the previous August.

The annual rise was due to an increase in food prices by 2.6%, and the rise in this section had a significant impact on the rise in inflation due to its weight in the index.

Saudi consumer price index

The rise in the food group came under pressure from the increase in the prices of vegetables by 12.5%, then the prices of meat and poultry by 2%.

The annual inflation also increased due to the increase in transportation prices by 5.9%, affected by the increase in gasoline prices by 44.9%.

The communications sector also recorded an increase of 2.8%, affected by the increase in the prices of telephone and fax services by 4.2%.

The report indicated that inflation was relatively stable compared to the previous month, as it rose by 0.2% per month, due to the increase in food and beverage prices by 0.7%, which in turn was affected by the increase in meat and poultry prices by 1.4%.

Extra

In another context, the profits of Extra, electronics store chain, jumped to 89 million riyals in the third quarter of this year, increasing profits by 66.7% over the same quarter of last year.

During the third quarter of last year, Extra Saudi profits amounted to 53.44 million riyals.

Despite achieving profits on an annual basis, the company’s net profit declined on a quarterly basis by 11.34%, compared to a net profit of about 100.5 million riyals in the second quarter of 2021.

Extra had said in a statement on Tadawul that the increase in net profits for the third quarter of this year, on an annual basis, is due to an increase in revenues by 12.1%.

This is due to the increase in retail sales, in addition to the increase in the revenues of services and the revenues of consumer finance services, which led to a growth in gross profit by 25.8% to reach 283.8 million riyals, compared to 225.6 million riyals for the same quarter of last year, Extra said.

Extra pointed out that the net profit of the United Financial Services Company amounted to 35.5 million riyals in the third quarter of this year, compared to 6 million riyals in the same quarter of last year.

During the first nine months of this year, the net profit of Extra increased by 51.7% to reach 270.81 million riyals, compared to 178.5 million riyals, profits for the same period of 2020.

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