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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 Arabia to Invest $180 bl to Develop Green Economy

Saudi Minister of Economy and Planning Faisal Al-Ibrahim during the High-Level Political Forum for Sustainable Development 2024 in New York (AAWSAT)
Saudi Minister of Economy and Planning Faisal Al-Ibrahim during the High-Level Political Forum for Sustainable Development 2024 in New York (AAWSAT)
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Saudi Arabia to Invest $180 bl to Develop Green Economy

Saudi Minister of Economy and Planning Faisal Al-Ibrahim during the High-Level Political Forum for Sustainable Development 2024 in New York (AAWSAT)
Saudi Minister of Economy and Planning Faisal Al-Ibrahim during the High-Level Political Forum for Sustainable Development 2024 in New York (AAWSAT)

Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that Saudi Arabia plays a pivotal role in achieving global climate-related goals, with more than 80 initiatives and investments exceeding $180 billion to develop the country's green economy, in addition to establishing its position as a leader in renewable energy.

In a speech he delivered during the High-Level Political Forum for Sustainable Development 2024 in New York, Al-Ibrahim stressed that Saudi Arabia is working to enhance sustainability locally, and is following an approach that includes all aspects of the economy and focuses on people to achieve the latent potential, in line with the goals of the Kingdom's Vision 2030.

“In Saudi Arabia, we realize that sustainable progress depends on creating and exploiting opportunities to improve the general standard of living and enhance the quality of life.”

Al-Ibrahim stressed the importance of developing a system for prioritization that enables countries to focus on the most effective policies and optimal solutions that achieve the maximum impact for the largest number of people within the shortest possible time to accelerate the pace of progress.

The Saudi delegation is participating in the 2024 High-Level Political Forum, which is being held at the United Nations headquarters in New York from July 8 to 18, under the slogan “Promoting the 2030 Agenda concerned with sustainable development and eliminating poverty in light of multiple crises.”