Saudi Arabia Inflation March 2016

Saudi Arabia

Saudi Arabia: Inflation jumps to an over-four-year high in March

April 25, 2016

In March, consumer prices rose 0.22% over the previous month, which contrasted the 0.07% decrease tallied in February. March’s increase mainly reflected much higher prices for tobacco and to a lesser extent in furnishing and households.

Inflation came in at 4.3% in March, which was a notch above February’s 4.2%. This represented the highest print since December 2011 as a result of subsidy cuts in energy and some utilities prices, which were implemented early in the year. Annual average inflation in March rose from February’s 2.5% to 2.7%, the highest rate in 16 months.

FocusEconomics Consensus Forecast participants expect inflation to average 3.7% in 2016, which is up 0.5 percentage points over last month’s projection. For 2017, the panel sees inflation averaging 3.4%.

Author: Ricard Torné, Lead Economist

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Saudi Arabia Inflation Chart

SaudiArabia Inflation March 2016

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Central Department of Statistics & Information (CDSI).

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