Saudi Arabia: Inflation declines to eight-month low in August
September 26, 2016
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.