The General Authority for Statistics (GASTAT) has released the Consumer Price Index (CPI) for August 2024. This index reveals that Saudi Arabia’s annual inflation rate remained steady at 1.6%, demonstrating the country’s economic stability.
The CPI tracks the cost of a fixed basket of 490 goods and services commonly purchased by consumers. This basket was determined by a 2018 survey on household income and expenditure. Prices are gathered through on-site visits to various sales points.
Saudi Arabia’s stable inflation rate highlights the effectiveness of its economic policies in managing global inflation and price fluctuations. The country’s robust economic strategies have contributed to maintaining one of the most stable inflation rates in the region.