The annual inflation rate in Saudi Arabia hit 2.0 percent in November 2024. This figure positions the Kingdom as having the lowest inflation rates within the G20 nations.
As reported by the General Authority for Statistics (GASTAT), the Consumer Price Index (CPI) illustrates fluctuations in prices that consumers pay for a predetermined basket of goods and services, which includes 490 distinct items. This basket was chosen based on findings from the household expenditure and income survey carried out in 2018. Price data is gathered through visits to various sales locations. CPI statistics are released on a monthly basis.
In August 2024, the annual inflation rate in Saudi Arabia remained stable at 1.6 percent, 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.
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.
GASTAT’s latest IPI report
Last week, GASTAT published its report on the Industrial Production Index (IPI) for October 2024. The report indicated a 5 percent increase in the IPI compared to the same month in 2023. This growth was largely attributed to heightened activity in various sectors, including mining and quarrying, manufacturing, and the supply of electricity, gas, steam, and air conditioning, as well as water supply, sewage, waste management, and treatment.
The findings revealed that the sub-index for mining and quarrying rose by 0.4 percent year-on-year, with oil-related activities increasing by 5.4 percent and non-oil activities by 4 percent in October.
