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Saudi Arabia Inflation June 2023

Saudi Arabia: Inflation moderates slightly in June

Inflation came in at 2.7% in June, which was down from May’s 2.8%. The weaker reading was largely due to lower price pressures for recreation and culture, as well as weaker textile prices.

Annual average inflation was unchanged at May’s 2.9% in June.

Lastly, consumer prices increased 0.19% in June over the previous month, mirroring May’s reading. June’s result marked the joint-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 continue to ease for the remainder of this year. Supply-chain bottlenecks and rapidly growing demand in the non-oil sector pose upside risks.

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