Saudi Gazette Report

RIYADH — Inflation, which is measured by consumer price index, dropped to 1.6 percent during the last month of March, compared to 2.8 percent in the previous month of February and 2.7 percent in the month of March 2023, according to the latest report of the General Authority for Statistics (GASTAT). The report recorded a decrease in the pace of increase witnessed during the last period.

The decline in the intensity of inflation rates in the Kingdom reflects the stability and strength of the Saudi economy, and the effectiveness of the economic procedures and measures that the Kingdom rushed to take early on to confront the wave of global price rise.

It is noteworthy that the consumer price index (CPI) reflects changes in the prices paid by consumers for a fixed basket of goods and services, which consists of 490 items, and the relevant prices are collected through field visits to points of sale. CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods. It is the price of a weighted average market basket of consumer goods and services purchased by households.