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Saudi Arabia Inflation January 2023

Saudi Arabia: Inflation increases to over one-year high in January

Inflation inched up to 3.4% in January, following December’s 3.3%. January’s result marked the highest inflation rate since June 2021. Looking at the details of the release, the change in prices for food and non-alcoholic beverages, as well as housing, rose at a quicker pace in January. That said, transport inflation decelerated while prices for clothing fell at a quicker rate.

The trend pointed up slightly, with annual average inflation coming in at 2.7% in January (December: 2.5%).

Lastly, consumer prices rose 0.20% from the previous month in January, coming in below the 0.26% increase recorded in December.

Our panelists see inflation easing this year. The government’s petrol price cap, along with higher interest rates and cooling commodity prices, should tame inflation. That said, supply bottlenecks and demand-pull factors remain upside risks.

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