Inflation Rate in the Kingdom Declines Slightly in December

The Consumer Price Index (CPI) stood at 1.5% in December 2023, lower than 1.7% in November, indicating a relative slight decrease on an annual basis.

This reflects 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.

The CPI is based on a fixed basket of 490 goods and services, and reflects changes in consumer prices. Data for the index is collected by visiting retail outlets to gather relevant price information.