Saudi Arabia's Inflation Rate Dropped to 2.7% in March 2023

The inflation rate in Saudi Arabia dropped to 2.7% in March 2023, which was the lowest in eight months. 

The inflation rate for the Kingdom remained stable for Q1 of 2023 because it was 3.4% in January and it decreased to 3% in February. 

The figures were recorded in the Consumer Price Index March 2023 report, which was issued by the General Authority for Statistics (GASTAT). 

GASTAT's report explained that the inflation rate for March 2023 in the country was influenced by rental prices. The rents for housing in KSA increased by 8.7%, in March 2023, which was a consequence of the increase in apartment rental prices by 22.0%.

The stability in Saudi Arabia's inflation rate has been a product of a solid economy, efficient measures to tackle the supply chain crisis, and royal orders to fix the maximum ceiling of energy prices.