Saudi Arabia Inflation August 2016

Saudi Arabia

Inflation declines to eight-month low in August

Consumer prices fell 0.1% in August compared to the previous month. The print contrasted the 0.1% increase recorded in July and marked the steepest fall since November 2008. August’s decline mainly reflected lower prices for clothing, transport and food and beverages.

Inflation came in at 3.3% in August, which was below July’s 3.8% print. Although the reading represented the lowest print so far this year, inflation remains at relatively high levels due to cuts in subsidies for energy and some utilities that had been implemented early in the year. Annual average inflation rose from July’s 3.4% to 3.5% in August, the highest rate in nearly three years.

FocusEconomics Consensus Forecast participants expect inflation to average 3.9% in 2016, which is unchanged from last month’s projection. For 2017, the panel sees inflation averaging 3.6%.

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Saudi Arabia Inflation Chart

SaudiArabia Inflation August 2016 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Central Department of Statistics & Information (CDSI).

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