Palm trees and buildings in Saudi Arabia

Saudi Arabia Inflation May 2023

Saudi Arabia: Inflation rises in May

Inflation came in at 2.8% in May, which was up from April’s 2.7%. Looking at the details of the release, the change in prices for food and non-alcoholic beverages was largely steady in May.

The trend was unchanged, with annual average inflation coming in at April’s 2.9% in May.

Finally, consumer prices rose 0.19% in May over the previous month, coming in below April’s 0.39% rise.

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

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