The General Authority for Statistics (GASTAT) in Saudi Arabia has published the Consumer Price Index (CPI) for August 2024. The data reveals that the annual inflation rate in the Kingdom remained stable at 1.6 percent for August 2024, reflecting a consistent performance throughout the year and highlighting the country’s strong economic resilience. Moreover, this stability positions Saudi Arabia’s inflation rate among the most dependable globally, showcasing the effectiveness of the Kingdom’s economic policies and prompt actions in responding to international inflationary pressures and price increases.
#GASTAT publishes the Consumer Price Index, August 2024.
— الهيئة العامة للإحصاء (@Stats_Saudi) September 15, 2024
GASTAT further explains that the CPI tracks the prices of a fixed basket of 490 goods and services purchased by consumers, SPA reported. This basket was established based on a household income and expenditure survey conducted in 2018, which identified the relevant items and their corresponding weights. Prices are gathered through direct visits to various sales outlets.
Standard & Poor’s (S&P) has reaffirmed Saudi Arabia’s credit rating for both local and foreign currency at “A/A-1,” enhancing the outlook from “stable” to “positive,” as noted in their latest report.
Additionally, according to S&P, this affirmation stems from the Kingdom’s ongoing commitment to comprehensive reforms and investments, which are expected to bolster the development of the non-oil economy and ensure the sustainability of public finances.
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