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Saudi Arabia's Inflation Relatively Stable in August

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia's Inflation Relatively Stable in August

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

The Consumer Price Index (CPI) reached 2.0% in August 2023, down from July, remaining relatively stable on a yearly basis.

This stability is due to the robustness of the Saudi economy and the economic measures taken by Saudi Arabia to counter global inflation rates.

Inflation rates in Saudi Arabia remain stable compared to G20 countries and most countries worldwide.

In August 2023, the inflation rate showed relative stability at 2.0% compared to August 2022.

The CPI measures consumers' prices for a fixed basket of goods and services consisting of 490 items. The respective prices are collected through field visits to points of sale.

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Saudi National Program to Drive Growth of Mineral Sector

Prince Mohammed bin Salman chairs the Cabinet session in Jeddah (SPA)
Prince Mohammed bin Salman chairs the Cabinet session in Jeddah (SPA)
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Saudi National Program to Drive Growth of Mineral Sector

Prince Mohammed bin Salman chairs the Cabinet session in Jeddah (SPA)
Prince Mohammed bin Salman chairs the Cabinet session in Jeddah (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said that the National Minerals Program will be a strong and supportive tool to enhance the quality of supply chains, ensure continuity of supply to local industries and major projects, develop the country’s infrastructure, and achieve the goals of Vision 2030.

He noted that the program will play an effective role in advancing the growth of the sector and exploiting the mineral resources in the Kingdom.

On Tuesday, the Saudi Council of Ministers, chaired by Crown Prince Mohammed bin Salman, approved the establishment of the program within the Ministry of Industry and Mineral Resources, with the aim to raise the efficiency and adequacy of supply chains for current and future minerals, and enhancing their continuity in the region and the world, within the country’s efforts to maximize the value achieved from the sector.

Alkhorayef explained that the adoption of the program highlights the Saudi leadership’s endeavor to promote the sector.

He added that Saudi Arabia seeks to develop mineral value chains so that mining becomes the third pillar of the national industry, and to benefit from the Kingdom’s geographical location, which represents one of the most important major commercial intersections, supported by a wide base of advanced, integrated and diverse infrastructure.

The minister indicated that the program will work to fundamentally unify the main roles between the various parties, and fill the existing gaps to ensure the continuity of supply chains for minerals, as well as build local capabilities, contribute to exploration operations, and ensure the stability of supply to local industries and major projects.