Weekly Market Brief – 3/17/2023

Saudi Arabia Macroeconomic Developments

• Saudi Arabia’s inflation rate dropped 0.4 percent in February, driven by a slight decrease in food and beverage prices, according to the General Authority for Statistics (GAStat).

• The consumer price index (CPI) increased by 3 percent in February YoY. The main drivers were higher housing prices, water, electricity, gas, and other fuels, which increased 7 percent. Food and beverage costs jumped 3.1 percent.