Saudi Arabia’s annual inflation rate has accelerated to reach 2 percent in March, up from 1.6 percent in February. The rise in CPI is mainly attributed to the rise in higher transport prices as well as food and beverages.
Transport prices climbed 4.7 percent as a result of a rise in gasoline prices by 14.7 percent along with a rise in new car prices by around 4 percent. As for food and beverages, the prices associated with them jumped 3 percent.
The holy month of Ramadan has also been taken into consideration while revising the Saudi 2022 inflation considering that higher consumption of food and beverages during the month is most likely to add pressure on the prices associated with food and beverages on a local level.