Decline in Annual Inflation Rate in Saudi Arabia

The Consumer Price Index (CPI) in Saudi Arabia recorded 1.5 percent in December 2023, which is lower than the previous month (November), when it was at 1.7 percent, reflecting a slight relative decline on a yearly basis. Inflation rates in the Kingdom remain stable compared to the G20 countries and most other nations, indicating the stability and robustness of the Saudi economy, as well as the effectiveness of the economic measures that the Kingdom has hastened to implement early on to face the global price surge. It is worth noting that the Consumer Price Index (CPI) reflects the changes in prices paid by consumers for a fixed basket of goods and services that comprises 490 items, with relevant prices collected through field visits to points of sale.