Saudi Arabia: Inflation inches down, but remains high in May
June 20, 2016
Consumer prices were flat in May compared to the previous month, down from the 0.2% increase tallied in April. May’s reading mainly reflected lower prices for clothing, food and beverages and a slower rise in prices for health.
Inflation came in at 4.1% in May, which was a notch below April’s result of 4.2%. Inflation remains at high levels due to cuts in subsidies for energy and some utilities, which were implemented early in the year. Annual average inflation in May rose from April’s 2.9% to 3.1%, the highest rate in over two years.
Author: Christopher Mc Innes, Economist