Saudi Arabia has reported a drop in the annual rate of inflation, according to official government statistics.
The Consumer Price Index (CPI) report for July 2023, issued by the General Authority for Statistics (GASTAT), showed a 2.3 per cent increase over July 2022.
It is a reduction from 2.7 per cent in June 2023, remaining relatively stable on a monthly basis for 2023.
Saudi inflation figures
This stability is due to the early economic procedures and measures taken by the Kingdom to counter the global rise in inflation rates.
The Kingdom’s inflation rate started the year at 3.4 per cent and has trended downward since then.
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