Saudi inflation to ease over rest of 2023 - Capital Economics

Saudi Arabia's annual inflation rate, which eased for a second month in July to 2.3% from 2.7% in June, is likely to ease over the reminder of this year to between 1% and 1.5%, the London-based consultancy Capital Economics said.

According to data issued on Tuesday by Saudi Arabia's General Authority for Statistics, the price rise was mainly driven by an 8.6% surge for housing, water, electricity, gas and other fuels and a 1.4% rise in food and beverage prices.

"Looking ahead, we think that the headline inflation rate will continue to ease over the remainder of this year to 1.0-1.5% y/y and will hover around this rate well into 2024," Capital Economics said in a note on Tuesday.  




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