The annual inflation rate in Saudi Arabia rose to a six-month high of 2.4% in October of 2018 from 2.1% in the previous month. Prices increased faster for: food & beverage (7.3% from 6.7% in September); transport (11.5% from 11%); furniture & household equipment (2.8% from 2.2%); recreation & culture (3.2% from 2.2%); restaurant & hotels (8.7% from 8.4%) and tobacco (10.2% from 10%). Meanwhile, inflation was steady for: education (at 0.2%); communication (at 1.4%) and health (at 4%). On the other hand, prices advanced at a softer pace for miscellaneous goods & services (0.1% from 0.4%) while prices continued to fall for housing & utilities (-3.6% from -3.2%) and clothing & footwear (-5% from -6.5%). On a monthly basis, consumer prices went down 0.3%, after a 0.2% drop in September. Inflation Rate in Saudi Arabia averaged 2.63 percent from 2000 until 2018, reaching an all time high of 11.10 percent in July of 2008 and a record low of -2 percent in January of 2001.
Inflation Rate in Saudi Arabia is expected to be 2.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Saudi Arabia to stand at 2.10 in 12 months time. In the long-term, the Saudi Arabia Inflation Rate is projected to trend around 3.10 percent in 2020, according to our econometric models.