Inflation in Saudi Arabia
Saudi Arabia - Inflation
Inflation ticks down in August
Consumer prices increased 0.07% over the previous month in August, weaker than July’s 0.15% rise. August’s print reflected falling prices for transport, and clothing and footwear relative to the previous month, which was somewhat offset by higher food and beverage prices.
In August, inflation ticked down to 0.3% from 0.4% in July. Subdued inflation in recent months was due to the fading impact of the value-added tax rate, which was increased from 5% to 15% back in July 2020. Meanwhile, annual average inflation decreased to 4.7% in August, down from 5.2% in the previous month.
FocusEconomics Consensus Forecast participants expect inflation to be 3.0% in 2021, which is unchanged from last month’s projection. The panel sees inflation averaging 1.9% in 2022.
Saudi Arabia - Inflation Data
|Inflation Rate (CPI, annual variation in %)||1.2||2.1||-0.8||2.5||-2.1|
5 years of economic forecasts for more than 30 economic indicators.
Saudi Arabia Inflation Chart
Source: Saudi Arabian Monetary Agency.
Saudi Arabia Facts
|Bond Yield||2.49||0.0 %||Jun 23|
|Exchange Rate||3.75||0.0 %||Dec 31|
|Stock Market||0.2||1.00 %||Jan 07|
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October 1, 2021
On 1 October, the OPEC oil basket traded at USD 77.7 per barrel, up 9.1% from the prior month.
September 16, 2021
Consumer prices increased 0.07% over the previous month in August, weaker than July’s 0.15% rise.
September 5, 2021
The Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 54.1 in August, which was down from July’s 55.8.
August 15, 2021
Consumer prices increased 0.20% over the previous month in July, marginally stronger than June’s 0.15% rise.
August 9, 2021
A flash estimate showed the economy grew 1.5% on an annual basis in the second quarter, after contracting 3.0% in the first quarter.