Saudi inflation rate still reasonable, says central bank governor

Saudi Arabia’s central bank governor Fahad al-Mubarak said at a conference on Sunday that inflation in the kingdom was still within a reasonable rate.

Saudi Arabia’s consumer price index (CPI) rose 3% in August from a year earlier, official data showed on Thursday, accelerating from a 2.7% increase in July.

Food and beverages and transport prices were again the main drivers of inflation, both rising 4% in August, the General Authority for Statistics said in a statement. Meat prices were up 6.7%, pushing up the rate for food and beverages, which make up 18.8% of the consumer basket.

Capital Economics expects inflation to have peaked in August, to slow to 2% by the end of this year and 1.5% by mid-2023, said James Swanston, Middle East and North Africa economist.

 

 

 

 

 

 

 

Open chat