Inflation in Saudi Arabia
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 |
Saudi Arabia Inflation Chart
Source: Saudi Arabian Monetary Agency.
Saudi Arabia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.49 | 0.0 % | Jun 23 |
| Exchange Rate | 3.75 | 0.0 % | Dec 31 |
| Stock Market | 0.2 | 1.00 % | Jan 07 |
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Economic News
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Saudi Arabia: Oil prices keep falling in December as global economic outlook remains glum
January 10, 2023
The OPEC oil basket traded at USD 79.7 per barrel in December on average, down 11.2% from the prior month.
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Saudi Arabia: Non-oil PMI falls in December
January 3, 2023
The Non-oil S&P Global Purchasing Managers’ Index (PMI) fell to 56.9 in December from November’s 58.5.
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Saudi Arabia: Inflation eases to lowest level since July in November
December 14, 2022
Inflation edged down to 2.9% in November, from October’s 3.0%.
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Saudi Arabia: Oil prices fall over last month as global economic outlook remains dim
November 29, 2022
The OPEC oil basket traded at USD 90.8 per barrel on average over the last month, down 3.0% from the prior month.
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Saudi Arabia: Inflation decreases slightly in October
November 15, 2022
Inflation moderated to 3.0% in October, easing slightly from September’s 3.1%.
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