Saudi Arabia: Inflation accelerates in July
August 28, 2018
Consumer prices rose 0.1% over the previous month in July, rising by the same margin as in June. The uptick was partly due to higher prices for recreation and culture, food and beverages, and restaurants and hotels. The rise was partly offset by lower prices for housing, water, electricity, gas and other fuels.
Inflation notched up to 2.2% in July from 2.1% in June. Meanwhile, the annual average variation in consumer prices increased from 0.8% in June to 1.0% in July, the highest level in over one year.
Saudi Arabia Inflation Forecast
FocusEconomics Consensus Forecast participants expect inflation to average 3.3% in 2018, which is down 0.2 percentage points from last month’s projection. The panel sees inflation averaging 2.4% in 2019.
Author: Lindsey Ice, Economist