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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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Riyadh, Washington Bolster Strategic Space Partnership

US and Saudi national flags fly over a main road in Riyadh in 2017. (AFP file photo)
US and Saudi national flags fly over a main road in Riyadh in 2017. (AFP file photo)
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Riyadh, Washington Bolster Strategic Space Partnership

US and Saudi national flags fly over a main road in Riyadh in 2017. (AFP file photo)
US and Saudi national flags fly over a main road in Riyadh in 2017. (AFP file photo)

The Saudi Space Agency said that Saudi Arabia and the United States signed on Tuesday a strategic cooperation agreement focused on the exploration and peaceful utilization of outer space.
The agreement aims to enhance US-Saudi cooperation in the field of space and scientific exploration, increase joint investment in various commercial activities.

“The space sector in the Kingdom receives significant interest, support, and empowerment from the wise leadership, recognizing it as the next trillion-dollar economy and a sector that stimulates innovation and inspires generations," the Agency said in a statement.

"Through its ambitious Saudi Vision 2030, the Kingdom aims to strengthen its position in the world of space and the industry of its technologies,” it stated.
The agreement outlines areas of joint work between the two parties, which include space and earth sciences, aeronautics, space missions, education, and many other areas of mutual interest.
Commenting on this step, the Chairman of the Saudi Space Agency, Abdullah Alswaha, stated that “the agreement represents a turning point in the Kingdom’s journey towards building a strong and prosperous space sector."
The CEO of the Saudi Space Agency, Dr. Mohammed Altamimi, underscored the significance of this strategic partnership in identifying areas of mutual interest and fostering collaborative endeavors.