Inflation in Saudi Arabia

Saudi Arabia Inflation | Economic News & Forecasts

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

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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