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Saudi Arabia Inflation July 2023

Saudi Arabia: Inflation drops to lowest level since June 2022 in July

Inflation came in at 2.3% in July, down from June’s 2.7%. July’s figure marked the weakest inflation rate since June 2022. The deceleration was largely due to a lower rise in prices for housing and transport.

The trend was unchanged, with annual average inflation coming in at June’s 2.9% in July.

Lastly, consumer prices increased 0.09% in July over the previous month, moderating from the 0.19% rise logged in June. July’s result marked the weakest reading since March.

The Saudi authorities have kept an iron grip on inflation this year thanks to a cap on petrol prices and rising interest rates. Our panelists expect price pressures to remain low for the remainder of this year. Rapidly growing demand in the non-oil sector poses upside risks.

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