Stable at 1.6%: Saudi Inflation Holds Firm in April, Reports Al Rajhi

KSA, 30 May, 2024 : Saudi Arabia's inflation rate remained steady at 1.6% in April, as per data from the General Authority for Statistics (GASTAT). The rise in the Consumer Price Index (CPI) was mainly driven by an 8.7% year-on-year increase in housing, water, electricity, gas, and other fuel prices, according to Al Rajhi Capital Research.

The Wholesale Price Index (WPI) saw a 3.4% year-on-year rise in April, influenced by an 8.06% increase in prices for transportable goods excluding metal products, machinery, and equipment. Saudi crude oil production remained unchanged at 9.04 million barrels per day.

The Index of Industrial Production (IIP) fell by 8.7% year-on-year in March, primarily due to a 14.2% decline in the mining and quarrying sectors. Non-oil exports decreased by 0.8% year-on-year in March, following a 4.4% rise in February, with significant drops in shipments of base metals and articles of base metal.

The Saudi Central Bank’s foreign reserves increased by 3.4% annually in April, reaching SR 1.67 trillion ($450 billion), continuing the trend observed in March.

Source : www.zawya.com