The Consumer Price Index (CPI) in Saudi Arabia, a key indicator of inflation, registered a modest dip to 1.5% in December 2023, descending from the 1.7% marked in the preceding month of November. This subtle decline is seen as a testament to the resilience of the Saudi economy and the proactive economic policies implemented by the Kingdom to mitigate the effects of global inflationary pressures.
The calculation of the CPI involves monitoring a consistent basket comprising 490 varied goods and services. This assortment is utilized to gauge the fluctuations in the prices faced by consumers. To compile the CPI data, field visits are conducted at numerous retail outlets where prices of these items are meticulously recorded.
This latest CPI figure underscores the sustained efforts by Saudi Arabia to maintain economic stability and demonstrates the country’s commitment to managing inflation effectively, providing a reassuring signal to both investors and consumers within the Kingdom.