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Saudi Arabia Inflation April 2024

Saudi Arabia: Inflation remains steady in April

Inflation came in at 1.6% in April, unchanged from March’s reading. April’s figure represented the weakest inflation rate since January. Food prices rose tepidly and transport prices fell—subdued by government subsidies—containing overall price pressures in turn. That said, rent inflation remained more steep than headline inflation, as has been the case since September 2022, stoked by population growth following recent visa reforms and speedy non-oil economic growth.

Annual average inflation ticked down to 1.9% in April (March: 2.0%).

Lastly, consumer prices rose 0.33% from the previous month in April, contrasting the 0.10% fall logged in March. April’s result marked the highest reading since April 2023.

The Consensus is for inflation to cool slightly this year from last, dampened by subsidies on fuel and electricity plus the lagged impact of past interest rate hikes.

Upside risks include higher-than-expected rent prices and disruptions to shipping in the Red Sea—though a strong U.S. dollar will limit the scope for stronger-than-anticipated inflation.

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