July 16, 2023 ChatGPT
Saudi Arabia’s inflation rate decreased in June, according to the latest figures from the Saudi Arabian Monetary Agency (SAMA). The rate of inflation declined from 3.7% in May to 3.4% in June.
The decrease in inflation was mainly driven by a drop in food prices, which fell by 0.4% in June. This was partially offset by an increase in housing and utilities prices, which rose by 0.2%.
The lower inflation rate is good news for the Saudi economy, as it suggests that the country is on track for a period of sustained economic growth. Lower inflation also means that the cost of living is more affordable for Saudi citizens, which should help to boost consumer spending.
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