Inflation in Saudi Arabia
Saudi Arabia - Inflation
Inflation rises to over one-year high in July
Consumer prices rose 0.51% in July over the previous month, accelerating from the 0.23% rise recorded in June. July's uptick marked the highest reading since July 2020. The result was driven by rising prices for transport, hospitality, energy and food. Meanwhile, prices for furnishing, household equipment, personal goods and communication declined.
In year-on-year terms, inflation rose to 2.7% in July, above June’s 2.3%. July's result was the highest inflation rate since June 2021. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 1.5% in July (June: 1.4%).
Inflation is likely to peak in Q3 and moderate towards the end of the year. The government’s cap on petrol prices, together with higher interest rates and moderating commodity prices in recent months, should lower inflation. That said, supply bottlenecks and rising demand remain upside risks.
FocusEconomics Consensus Forecast participants expect inflation to be 2.6% in 2022, which is up 0.2 percentage points from last month’s projection. The panel sees inflation averaging 2.2% in 2023.
Saudi Arabia - Inflation Data
|Inflation Rate (CPI, annual variation in %)||1.2||2.1||-0.8||2.5||-2.1|
5 years of economic forecasts for more than 30 economic indicators.
Saudi Arabia Inflation Chart
Source: Saudi Arabian Monetary Agency.
Saudi Arabia Facts
|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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Saudi Arabia: Oil prices fall in August on intensifying recession fears; OPEC+ cuts quotas in September
September 5, 2022
The OPEC oil basket traded at USD 101.9 per barrel on average in August, down 6.1% from the prior month.
August 16, 2022
Consumer prices rose 0.51% in July over the previous month, accelerating from the 0.23% rise recorded in June.
August 3, 2022
The Purchasing Managers’ Index (PMI), produced by S&P Global, came in at 56.3 in July, down from June's eight-month high of 57.0.
August 1, 2022
The OPEC oil basket traded at USD 109.3 per barrel on average in July, down 7.3% from the prior month.
July 31, 2022
A flash estimate showed that the economy grew 11.8% on an annual basis in Q2—the fastest pace since 2011—thereby confirming the economy continued to grow at breakneck speed after expanding 9.9% in Q1. The improved performance was due to a stronger expansion in the oil sector, which grew 23.1% in Q2 compared to 20.3% in Q1.