The inflation rate in the Kingdom maintained its relative stability during the first quarter of 2023, reaching 3.4% in January 2023, then it decreased in the following month, February 2023, when it reached 3.0%, to reach 2.7% in March 2023, thereby achieving relative stability. In the first quarter of 2023.
The consumer price index bulletin for the month of March 2023 reflects the stability of inflation rates in the Kingdom during the first quarter of 2023 as a result of the strength of the Saudi economy, and the great positive impact that resulted from the measures and procedures that the Kingdom hastened to take since early to solve the supply chain crisis that was expected. Its signs appeared after the world emerged from the Corona pandemic, and many countries are still suffering from its consequences until now.
Compared to most countries in the world, inflation rates remain at a low level during March 2023, as it recorded a slight increase of 2.7% when compared to March 2022.
In the same context, the royal orders to fix the upper ceiling of energy prices contributed to stabilizing inflation rates in the Kingdom clearly – despite their escalation in a number of countries in the world – in achieving relative stability in the inflation rate, which indicates the strength of the Saudi economy, its flexibility and its great ability to absorb shocks.
On the other hand, it is indicated that reasonable or balanced inflation rates that any society may witness are part of the dynamism of the economy and its ability to protect itself from any potential crises, while
The unreasonable and unbalanced increase in inflation rates is a negative indicator indicating a state of economic stagnation and the economic conditions in that society.
Okaz (Jeddah)
