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GASTAT: Saudi Annual Inflation Rate Stands at 1.6% in August 2024

People are seen in the Saudi capital, Riyadh. (Reuters file)
People are seen in the Saudi capital, Riyadh. (Reuters file)
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GASTAT: Saudi Annual Inflation Rate Stands at 1.6% in August 2024

People are seen in the Saudi capital, Riyadh. (Reuters file)
People are seen in the Saudi capital, Riyadh. (Reuters file)

Saudi Arabia's annual inflation rate held steady at 1.6% in August 2024, indicating consistent stability over the year, revealed the General Authority for Statistics’ (GASTAT) Consumer Price Index (CPI) for the month.

The figure reflects consistent stability over the year, and the Kingdom's robust economic resilience, with the inflation rate ranking among the most stable.

It underscores the efficacy of Saudi Arabia's economic strategies and timely decisions in addressing global inflation and price surges.

According to GASTAT, CPI measures the price of a fixed basket of 490 goods and services paid by consumers.

The basket is selected based on a 2018 household income and expenditure survey, which determined the items and their respective weights. Prices are collected through on-site visits to sales points.

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Madinah Investment Forum to Kick Off on Sunday

Madinah Investment Forum to Kick Off on Sunday
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Madinah Investment Forum to Kick Off on Sunday

Madinah Investment Forum to Kick Off on Sunday

The Madinah Investment Forum, organized by Al-Madinah Al-Munawwarah Chamber under the theme "Invest in Madinah", will start on Sunday and run for two days.
The forum consists of a diverse range of programs, events, and four specialized dialogue sessions focusing on key aspects of the national investment strategy. It will host 18 speakers and more than 40 entities, and present 200 investment opportunities, valued at over SAR57 billion, in more than ten targeted sectors, SPA reported.
The event will highlight Madinah's significant achievements and showcase development and investment projects in the region. It will explore promising investment sectors, comparative and competitive advantages, and the region's potential to support investment growth. Key areas of focus include hospitality, logistics, agriculture, and real estate.
The forum's objectives include identifying investment opportunities in Madinah, fostering investment partnerships, attracting new investments, and introducing financing solutions and business sector services for major development projects.
The event is aimed at a broad audience, including local and international investors, government agencies, development organizations, private sector representatives, investment agencies, financial institutions, consulting firms, and professional service providers.