Palm trees and buildings in Saudi Arabia

Saudi Arabia Inflation August 2023

Saudi Arabia: Inflation falls to lowest level since February 2022 in August

Inflation came in at 2.0% in August, down from July’s 2.3%. August’s figure marked the lowest inflation rate since February 2022. The moderation was largely driven by slower growth in prices for food and non-alcoholic beverages. In addition, price pressures for clothing and footwear decreased at a sharper pace. Moreover, prices for transport grew at a more subdued pace.

Annual average inflation edged down to 2.8% in August (July: 2.9%).

Finally, consumer prices rose 0.03% from the previous month in August, coming in below July’s 0.09% rise. August’s result marked the weakest reading since February.

The Saudi authorities have tightly controlled inflation this year thanks to energy subsidies 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 an upside risk.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest