The Inflation Rate in KSA has Remained Stable in the Past Four Months

  • Publish date: Tuesday، 16 May 2023
The Inflation Rate in KSA has Remained Stable in the Past Four Months

In March and April 2023, Saudi Arabia's inflation rate reached 2.7%, attaining relative stability over the last four months of 2023.

According to statistics from the General Authority for Statistics, the cost of housing, water, electricity, gas, and other fuels increased by 8.1 percent from the previous year, while the cost of food and beverages, which is expected to be the primary cause of inflation for the majority of 2022, rose by 1.0 percent.

In April 2023, the overall rent increase was 9.6 percent. Following a similar increase in March, rentals for apartments increased by 22.2%. The price of milk, milk products, and eggs increased by about 11% in the food industry.

In comparison to March, consumer prices increased by 0.4% in April, according to the statistics authority. The region's inflation is expected to range between 2.1 percent and 3.3 percent for the whole year and fall even further in 2024, according to the prediction.

Economic experts and analysts underline that the observed inflation rates are appropriate and balanced and are a reflection of the dynamic nature of this society's economy and its capacity to withstand potential crises.

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