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Saudi Arabia Inflation May 2024

Saudi Arabia: Inflation stable in May

Inflation came in at 1.6% in May, matching April’s result. Looking at the details of the release, price pressures for food and non-alcoholic beverages increased at a faster pace in May. That said, they remained muted, restrained by government subsidies. This upward pressure was offset by prices for transport dropping at a sharper pace. Meanwhile, rent inflation remained above headline inflation for the 20th consecutive month, stoked by population expansion following recent visa reforms and speedy non-oil economic growth.

The trend pointed down slightly, with annual average inflation coming in at 1.8% in May (April: 1.9%).

Finally, consumer prices increased 0.16% in May over the previous month, following the 0.33% increase seen in April.

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