Saudi Arabia Macroeconomic Developments
- Saudi consumer inflation rose 2.3 percent YoY (+0.4 percent MoM) in April, a faster rate than the previous month mainly due to higher transportation and food costs. Transportation prices rose 4.6 percent YoY due to higher gasoline and motor vehicle prices. Food & beverage prices increased 4.3 percent YoY, including vegetable prices which rose 13.5 percent YoY.
- Wholesale price inflation in Saudi Arabia rose 10.7 percent YoY (+1 percent MoM) in April, easing from last month’s 12.1 percent YoY reading. Annual price inflation was still elevated due to higher basic chemicals (+45 percent), basic metals (+16 percent), and refined petroleum products (+12 percent) prices. However, the annual rate of wholesale price inflation was the lowest since March 2021.
- Industrial production in Saudi Arabia rose 24.8 percent YoY in March, according to the General Authority for Statistics (GAStat). ‘Mining & quarrying,’ which includes oil activities, rose 26.6 percent while manufacturing rose 22 percent.