Saudi Arabia Macroeconomic Developments
- Consumer prices in Saudi Arabia rose 1.2 percent YoY in January, remaining unchanged from the previous month. Transportation prices (+4.9 percent) primarily drove inflation, mainly due to a 35 percent increase in gasoline prices. Food prices rose 2 percent while ‘housing, water, & electricity’ prices declined 1.3 percent. On a monthly basis, consumer prices were relatively stable and rose 0.2 percent from December.
- Wholesale prices in Saudi Arabia increased 12.3 percent YoY in January, remaining high but slowing from last month’s 13.2 percent increase. Wholesale inflation was driven by a 63.3 percent price increase in basic chemicals and a 29 percent increase in refined petroleum products. ‘Metal products, machinery, & equipment’ prices rose 7.7 percent due to higher prices for basic metals (+17.3 percent). On a monthly basis, wholesale prices were stable and rose just 0.1 percent.
- The Ministry of Finance issued SAR13.18 billion ($3.5 billion) under its riyal-denominated sukuk program for February. The issuance was divided into two tranches of SAR7.5 billion ($2 billion) and SAR5.6 billion ($1.5 billion) maturing in 2030 and 2034, respectively.
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