The governor of the Saudi Central Bank (SAMA), Dr. Fahd Al-Mubarak, claimed that Saudi Arabia’s inflation rates are still within acceptable bounds.
Al-Mubarak noted that Arab counties are not isolated from the effects of economic challenges, highlighting the Kingdom’s robust economy.
“The geopolitical tensions in Europe led to a slowdown in global economic growth by 3.2 percent. The Arab countries are not isolated from the effects of the challenges of the economies, and it is necessary to study the possible measures to reach sustainable economies,” he said.
In August, the Kingdom’s consumer price index (CPI) was up 3 percent compared to the same period last year, General Authority for Statistics (Gastat) data showed.
The data showed an accelerating rise from a 2.7 percent increase in July, driven by transport and higher food and beverages prices.
According to a statement from Gastat, both sectors, which are the primary causes of inflation, increased by 4% each in August.
