Saudi Arabia Inflation October 2022

Saudi Arabia

Saudi Arabia: Inflation decreases slightly in October

November 15, 2022

Inflation moderated to 3.0% in October, easing slightly from September’s 3.1%. Looking at the details of the release, the change in prices for food and non-alcoholic beverages was largely steady in October, while prices for clothing and footwear declined at a faster pace. Meanwhile, housing and utilities prices were largely steady.

Annual average inflation rose to 2.2% in October (September: 2.0%).

Lastly, consumer prices increased 0.19% from the previous month in October, which was below the 0.27% increase logged in September. October's result marked the weakest reading since May.

Our panelists see inflation easing further in Q4. The government’s cap on petrol prices, together with higher interest rates and weakening commodity prices in recent months, should reduce inflation. That said, supply bottlenecks and demand-pull factors remain upside risks.

FocusEconomics panelists project inflation to average 2.4% in 2023, which is up 0.1 percentage points from the previous month’s forecast. In 2024, the panel sees inflation at 2.3%.


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Saudi Arabia Inflation October 2022

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: General Authority for Statistics (GAS).


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