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Saudi Consumer Prices up 3% in August

Saudi Arabia’s consumer price index rises in August from a year earlier - AAWSAT
Saudi Arabia’s consumer price index rises in August from a year earlier - AAWSAT
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Saudi Consumer Prices up 3% in August

Saudi Arabia’s consumer price index rises in August from a year earlier - AAWSAT
Saudi Arabia’s consumer price index rises in August from a year earlier - AAWSAT

Saudi Arabia’s consumer price index rose 3% in August from a year earlier, official data showed on Thursday, accelerating from a 2.7% pace in July.

Food and beverages and transport prices were again the main driver of inflation in August, both rising 4%, the General Authority for Statistics said in a statement.

Meat prices were up 6.7%, pushing up food and beverages, which make up 18.8% of the consumer basket.

Prices were up 0.4% on a monthly basis in August, a fractional slowdown from the 0.5% month-on-month rise in July, according to Reuters.

“The monthly CPI was affected by the increase of food and beverage prices by 0.8%, mainly due to the increase in food prices by 0.9%,” the statistics agency said.

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OPEC+ Credits Voluntary Oil Cuts for Market Stability

The OPEC logo behind a model of an oil excavator. (Reuters)
The OPEC logo behind a model of an oil excavator. (Reuters)
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OPEC+ Credits Voluntary Oil Cuts for Market Stability

The OPEC logo behind a model of an oil excavator. (Reuters)
The OPEC logo behind a model of an oil excavator. (Reuters)

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) commended the additional voluntary oil production cuts implemented by eight member states, saying the move played a key role in supporting market stability.

During its 59th meeting, held virtually on Saturday, the alliance opted to keep its current oil output policy unchanged, while underscoring the importance of full compliance with production quotas.

A statement published on the official website of the Organization of the Petroleum Exporting Countries (OPEC) confirmed that OPEC+ members showed “a high level of commitment” to crude production targets during January and February 2025.

The committee reviewed production figures for those months and noted general compliance among both OPEC and non-OPEC signatories to the Declaration of Cooperation. However, it also singled out countries that failed to meet their quotas and stressed the need for full compliance and compensation for any overproduction.

Member states were urged to submit updated compensation plans to the OPEC Secretariat by April 15.

The committee reiterated its commitment to monitoring adherence to the production adjustments agreed at the 38th OPEC and non-OPEC Ministerial Meeting in December 2024, as well as the additional voluntary cuts announced during the 52nd JMMC session in February 2024.

The JMMC retains the authority to call additional meetings or request a full ministerial session if needed.

The next JMMC meeting is scheduled for May 28. The body, which includes oil ministers from Saudi Arabia, Russia, and other top producers, typically meets every two months and may recommend policy changes.

Separately, eight OPEC+ countries announced on Thursday that they would accelerate the easing of production cuts by increasing output by 411,000 barrels per day in May—more than triple the previously planned 135,000 barrels.