Argentina:
Inflation came in at 124.4% in August, up from July’s 113.4%. August’s figure represented the highest inflation rate since our...
Inflation in Saudi Arabia
From 2013 to 2022, Saudi Arabia's inflation rates were generally mild, dampened by government price controls and subsidies. That said, inflation spiked briefly in 2018 due to VAT implementation, and has been propped up post-Covid by higher international commodity prices and global supply constraints.
Consumer price inflation in Saudi Arabia averaged 1.8% in the ten years to 2022, below the Middle East & North Africa regional average of 5.4%. The 2022 average figure was 2.5%. For more inflation information, visit our dedicated page.
Saudi Arabia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Saudi Arabia from 2022 to 2021.
Source: Macrobond.
Saudi Arabia Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | -2.1 | 3.4 | 3.1 | 2.5 | 2.3 |
| Inflation (CPI, ann. var. %, eop) | -0.2 | 5.3 | 1.2 | 3.3 | 1.5 |
| Inflation (WPI, ann. var. %, eop) | 3.7 | 5.2 | 13.3 | 3.0 | 3.0 |
Inflation falls to lowest level since December 2023 in June
Inflation eased to 1.5% in June, following May’s 1.6%. June's figure marked the lowest inflation rate since December 2023. Looking at the details of the release, prices for food and non-alcoholic beverages increased at a weaker rate in June. In contrast, prices for clothing and footwear dropped at a slower pace. In addition, the trend pointed down mildly, with annual average inflation coming in at 1.7% in June (May: 1.8%). Lastly, consumer prices increased 0.14% in June over the previous month, a smaller increase than May's 0.16% rise. June's result marked the weakest reading since March.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian inflation projections for the next ten years from a panel of 27 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Saudi Arabian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Saudi Arabian inflation projections.
Want to get access to the full dataset of Saudi Arabian inflation forecasts? Send an email to info@focus-economics.com.
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