Saudi Arabia: Drop in consumer prices softens in April

Consumer prices were flat over the previous month in April, following March’s 0.1% decline. The result mainly reflects that higher prices for transport were offset by lower prices for housing, water, electricity, gas and other fuels as well as for recreation and culture.

In April, consumer prices fell 1.9% in annual terms, down from the 2.1% drop in March. Meanwhile, the annual average variation in consumer prices declined from March’s 1.2% increase to a 0.8% rise in April.

Saudi Arabia Inflation Forecast

FocusEconomics Consensus Forecast participants expect inflation to average 1.5% in 2019, which is unchanged from last month’s projection. The panel sees inflation averaging 2.0% in 2020.