Saudi Arabia Inflation December 2016

Saudi Arabia

Saudi Arabia: Inflation tumbles to over ten-year low in December

January 23, 2017

Consumer prices declined 0.5% in December compared to the previous month, following the 0.2% decline in November and marking the lowest reading since February 2007. December’s result mainly reflected lower prices for food and beverages, transport, and recreation and culture.

Inflation came in at 1.7% in December, below November’s 2.3%. The reading represented the lowest print since February 2006. Despite the downward trend observed in H2, inflation rose to 3.5% in the full year 2016 (2015: 2.2%) due to the implementation of the subsidy cuts at the start of 2016.

FocusEconomics Consensus Forecast participants expect inflation to average 3.1% in 2017, which is down 0.3 percentage points from last month’s projection. For 2018, the panel sees inflation averaging 3.9%.

Author: Ricard Torné, Lead Economist

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Saudi Arabia Inflation Chart

SaudiArabia Inflation December 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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