S. Arabia’s inflation drops to 1.5% in December

Saudi Arabia’s Consumer Price Index (CPI) showed that the annual inflation rate slightly declined to 1.5 per cent in December 2023, against 1.7 per cent in November, Saudi Press Agency (SPA) reported on Monday.

SPA attributed the drop to the strength of the Saudi economy and the effectiveness of the economic measures the Kingdom has adopted to deal with the global rise in inflation rates.

Consumer price changes are reflected in the CPI, which is based on a fixed basket of 490 goods and services.

The index’s data is gathered by going to retail locations and obtaining relevant pricing data.