Inflation in Saudi Arabia

Saudi Arabia Inflation | Economic News & Forecasts

Saudi Arabia - Inflation

Inflation eases to lowest level since July in November

Inflation edged down to 2.9% in November, from October’s 3.0%. November's result marked the weakest inflation rate since July. The slowdown was largely driven by a softer rise in prices for food and non-alcoholic beverages. In addition, price pressures for clothing and footwear fell at a sharper pace. Moreover, prices for transport grew at a more subdued pace.

Annual average inflation edged up to 2.3% in November (October: 2.2%).

Finally, consumer prices increased 0.13% in November over the previous month, below October's 0.19% rise. November's result marked the weakest reading since May.

Our panelists see inflation easing further this year. The government’s cap on petrol prices, together with higher interest rates and weakening commodity prices in recent months, should reduce inflation. That said, supply bottlenecks and demand-pull factors remain upside risks.

FocusEconomics Consensus Forecast participants expect inflation to be 2.5% in 2023, which is up 0.1 percentage points from last month’s projection. The panel sees inflation averaging 2.3% in 2024.

Saudi Arabia - Inflation Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %)1.2  2.1  -0.8  2.5  -2.1  

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Saudi Arabia Inflation Chart


Saudi Arabia Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Saudi Arabian Monetary Agency.

Saudi Arabia Facts

Value Change Date
Bond Yield2.490.0 %Jun 23
Exchange Rate3.750.0 %Dec 31
Stock Market0.21.00 %Jan 07

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