Inflation in Saudi Arabia decreased to 1.6% in March 2024 compared to the previous month, reports the kingdom’s General Authority for Statistics (GASTAT). 

 

The decline was mainly driven by Food & Beverages, which fell to 0.7% m-o-m in March, said Al Rajhi Capital Research. 

 

Additionally, the non-oil export growth (y-o-y %) rose to 4.4% in Feb 2024. Furthermore, Saudi crude oil production increased to 9.04 million barrels per day (mbpd) in March from 9.01 mbpd in February. The average Brent crude oil price climbed to 89.07 ($/bbl) in April, up from 84.03 in March.

 

Consumer Price Index

Consumer Price Index (CPI) increased by 1.60% y-o-y in March (+1.80% y-o-y in February). The y-o-y rise of the CPI resulted mainly from Housing, Water, Electricity, and Gas (+8.80% y-o-y).

 

Wholesale Price Index (WPI) increased by 3.80% y-o-y in March (3.11% y-o-y in February), Due to a rise in ‘Other transportable goods, except metal products, machinery, and equipment transportable goods (9.23%).

 

Index of Industrial Production (IIP) decreased (-7.70% y-o-y) in February, mainly due to a decline in the Mining and quarrying sectors’ activity (-13.80% y-o-y).

 

Non-oil exports

Non-oil exports in February increased by 4.40% y-o-y, compared to the increase of 0.80% y-o-y in January. The shipment increase was driven by ‘Vehicles, aircraft, vessels, and associated transport equipment’ (+12.40% y-o-y).

 

Saudi Central Bank’s foreign reserves on an annual basis, rose 3.80% in March compared to the decline in February, to SR1.707 trillion ($460 billion).--TradeArabia News Service