Inflation in Saudi Arabia
Saudi Arabia - Inflation
Inflation plummets in July as VAT effect fades
Consumer prices increased 0.20% over the previous month in July, marginally stronger than June’s 0.15% rise. July’s print reflected higher prices for food, education and recreation and culture.
In July, inflation dipped to 0.4% from 6.2% in June. The stark fall in inflation was due to the fading impact of the value-added tax rate, which was increased from 5% to 15% back in July 2020. Meanwhile, annual average inflation decreased to 5.2% in July, down from 5.7% in the previous month.
FocusEconomics Consensus Forecast participants expect inflation to be 3.0% in 2021, which is unchanged from last month’s projection. The panel sees inflation averaging 1.9% in 2022.
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: Non-oil PMI eases in August, but remains in expansionary territory
September 5, 2021
The Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 54.1 in August, which was down from July’s 55.8.
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Saudi Arabia: Inflation plummets in July as VAT effect fades
August 15, 2021
Consumer prices increased 0.20% over the previous month in July, marginally stronger than June’s 0.15% rise.
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Saudi Arabia: GDP expands for the first time in two years in Q2
August 9, 2021
A flash estimate showed the economy grew 1.5% on an annual basis in the second quarter, after contracting 3.0% in the first quarter.
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Saudi Arabia: Non-oil PMI ticks down in July, but remains upbeat nonetheless
August 3, 2021
The Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 55.8 in July, which was down from June’s 56.4.
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Saudi Arabia: Oil prices rise in July on the back of improving demand prospects and tighter supply
July 30, 2021
Oil prices increased robustly at the tail end of July, predominately due to falling inventories in the U.S. and a healthier demand outlook as progress on the vaccination front outweighed risks related to the most recent rise in new Covid-19 cases globally.
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