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Inflation in Saudi Arabia
From 2013 to 2022, Saudi Arabia's inflation rates were generally mild, dampened by government price controls and subsidies. That said, inflation spiked briefly in 2018 due to VAT implementation, and has been propped up post-Covid by higher international commodity prices and global supply constraints.
Consumer price inflation in Saudi Arabia averaged 1.8% in the ten years to 2022, below the Middle East & North Africa regional average of 5.4%. The 2022 average figure was 2.5%. For more inflation information, visit our dedicated page.
Saudi Arabia Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Saudi Arabia from 2022 to 2021.
Source: Macrobond.
Saudi Arabia Inflation Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | -2.1 | 3.4 | 3.1 | 2.5 | 2.3 |
| Inflation (CPI, ann. var. %, eop) | -0.2 | 5.3 | 1.2 | 3.3 | 1.5 |
| Inflation (WPI, ann. var. %, eop) | 3.7 | 5.2 | 13.3 | 3.0 | 3.0 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Saudi Arabian inflation projections for the next ten years from a panel of 28 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Saudi Arabian inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Saudi Arabian inflation projections.
Want to get access to the full dataset of Saudi Arabian inflation forecasts? Send an email to info@focus-economics.com.
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