Saudi Arabia: Inflation comes in at highest level since November 2023 in January
Inflation ticked up to 1.6% in January, slightly above December’s 1.5%. January’s reading was the highest inflation rate since November 2023. Looking at the details of the release, housing and utilities prices rose at a quicker pace in January compared to the previous month, while price pressures for clothing and footwear remained weak.
Annual average inflation fell to 2.2% in January (December: 2.3%).
Lastly, consumer prices increased 0.26% in January over the previous month, picking up from the 0.08% increase logged in December. January’s result was the highest reading since April 2023.