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Saudi Arabia Inflation November 2022

Saudi Arabia: Inflation eases to lowest level since July in November

Inflation edged down to 2.9% in November, from Octobers 3.0%. November’s result marked the weakest inflation rate since July. The slowdown was largely driven by a softer rise in prices for food and non-alcoholic beverages. In addition, price pressures for clothing and footwear fell at a sharper pace. Moreover, prices for transport grew at a more subdued pace.

Annual average inflation edged up to 2.3% in November (October: 2.2%).

Finally, consumer prices increased 0.13% in November over the previous month, below October’s 0.19% rise. November’s result marked the weakest reading since May.

Our panelists see inflation easing further this year. The governments 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.

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