عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

ECB's Lagarde Rejects 'Political Pressure' after Italy Seeks Bigger Rate Cuts

President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
TT
TT

ECB's Lagarde Rejects 'Political Pressure' after Italy Seeks Bigger Rate Cuts

President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)
President of the European Central Bank Christine Lagarde attends a press conference following an informal meeting of the Economic and Financial Affairs Council (ECOFIN) and central bank heads of EU countries in Budapest, Hungary, Friday, Sept. 13, 2024. (Tibor Illyes/MTI via AP)

The European Central Bank (ECB) is an independent institution not subject to any political pressure, its President Christine Lagarde said on Friday, rebuffing Italian calls for bigger interest rate cuts.

Two Italian government ministers had criticized the ECB on Thursday as the Frankfurt-based euro zone central bank cut its deposit rate by 25 basis points to 3.50%, and accused it of a lack of courage.

"The European Central Bank is an independent institution, it's very clearly stated in the treaties," Lagarde said at an informal meeting of EU economy ministers in Budapest.
"We are not subject to political pressure of any sort," she added, according to Reuters.
Italy, with the highest borrowing costs in the euro zone and the bloc's second highest public debt as a proportion of national output, has much to gain from a steep fall in ECB rates.
Foreign Minister Antonio Tajani, one of the members of Prime Minister Giorgia Meloni's government who spoke out against the ECB, also called for the bank's founding treaty to be reformed.
"Today the European Central Bank is only concerned with fighting inflation, (but) it is not enough, we need a central bank that can manage the currency to promote growth," Tajani said.
Speaking on Thursday, Lagarde suggested to reporters that the bar for another cut next month was relatively high, highlighting that policymakers would be unlikely to have enough data to determine whether further easing was appropriate.