According to the Consumer Price Index (CPI) report for July 2024, issued today by the General Authority for Statistics (GASTAT), the inflation rate in Saudi Arabia stabilized at 1.5% during July 2024 compared to the last five months of this year and equal to the previous month of June.
The inflation rate in Saudi Arabia is one of the most stable, which confirms the strength and durability of the Saudi economy. It also demonstrates the effectiveness of economic plans and decisions that the Kingdom rushed to take early on to confront the wave of global inflation and high prices.
The CPI reflects the changes in prices paid by consumers for a fixed basket of goods and services consisting of 490 items. This basket was selected based on the household income survey conducted in 2018, according to which the item’s weights were determined. The prices are collected through field visits to points of sale. The CPI statistics of the consumer price index in the Kingdom are published monthly.
Source: Saudi Press Agency
