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Saudi Arabia Inflation October 2023

Saudi Arabia: Inflation drops to lowest level since February 2022 in October

Inflation fell to 1.6% in October, following September’s 1.7%. October’s result marked the weakest inflation rate since February 2022. Prices for housing, water, electricity, gas and other fuels rose 7.8%, pushed higher by soaring rents for apartments. However, inflation remained low overall thanks to tepid food price inflation and government subsidies for fuel.

Accordingly, the trend pointed down mildly, with annual average inflation coming in at 2.6% in October (September: 2.7%).

Lastly, consumer prices rose 0.13% from the previous month in October, picking up from September’s 0.01% rise. October’s figure marked the highest reading since June.

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