Saudi Gazette report

RIYADH — Saudi Arabia’s Wholesale Price Index (WPI) increased by 6.8 percent in July 2022 compared to the same month of 2021, down from 8.1 percent in the previous month of June, according to a report of the General Authority for Statistics (GASTAT).

Machinery prices showed the highest increase during the last month. The increase resulted mainly from the increase in metal products, machinery and equipment prices (+5.0percent) that have a relatively high weight in the index.

Metal products, machinery and equipment prices increased by 5 percent due to the increase of general-purpose machinery prices (12.1 percent) and fabricated metal products prices (6.4 percent) due to their weight in the index.

Other transportable goods increased by 5.7 percent, due to the increase of basic chemicals prices by 19.3 percent, and refined petroleum products prices by 3.5 percent. Food products, beverages, tobacco and textiles prices jumped by 9.1 percent, as a result of the increase in the prices of meat, fish, fruits, vegetables, oils and fats (23.1 percent) and grain mills products prices (5.9 percent ).

Agriculture and fishery products prices soared 17.2 percent, which resulted mainly from higher prices of agricultural products (19.8 percent), and live animals and animal products (12.6 percent). Ores and minerals prices went up by 7.4 percent due to the increase in stones and sand prices (7.4 percent).

According to GASTAT report, wholesale price index decreased by -0.4 percent in July 2022 compared to June 2022, influenced by the decrease in other transportable goods prices by -1.3 percent as a result of the decrease in basic chemicals prices (-8.6 percent ).

Metal products, machinery and equipment prices dropped 0.2 percent as a result of the decrease in basic metals prices (-0.9 percent). Ores and minerals prices decreased by -0.1 percent due to the decrease in stones and sand prices (-0.1 percent). Agriculture and fishery products prices have increased by 2.4 percent as a result of the increase in agricultural products prices (1.9 percent).

Food products, beverages, tobacco, and textiles prices increased by 0.2 percent as a result of the increase in meat, fish, fruits, vegetables, oils and fats prices (0.5 percent).

The Wholesale Price Index (WPI) reflects the development of pre-retail prices of goods of a fixed basket including 343 items. The prices are collected monthly from points of sale of three main cities of Riyadh, Jeddah, and Dammam.