– Saudi Arabia’s inflation rate decreased to 1.6% in March 2024, attributed to a 0.7% month-on-month decline in the Food & Beverages category.

– Non-oil export growth surged to 4.4% year-on-year in February 2024.

– The Consumer Price Index rose by 1.60% year-on-year in March, primarily driven by an 8.80% increase in the Housing, Water, Electricity, and Gas category.

Saudi Arabia’s inflation rate dipped to 1.6% in March 2024, according to data released by the kingdom’s General Authority for Statistics (GASTAT). 

The decrease was primarily influenced by a 0.7% month-on-month decline in the Food & Beverages category, as reported by Al Rajhi Capital Research.

Moreover, non-oil export growth (year-on-year) surged to 4.4% in February 2024. Additionally, Saudi Arabia’s crude oil production rose slightly to 9.04 million barrels per day (mbpd) in March from 9.01 mbpd in February. Meanwhile, the average price of Brent crude oil climbed to $89.07 per barrel in April, up from $84.03 in March.

The Consumer Price Index (CPI) experienced a 1.60% year-on-year increase in March, down from 1.80% in February. This rise was predominantly driven by a notable 8.80% year-on-year increase in the Housing, Water, Electricity, and Gas category.

The Wholesale Price Index (WPI) saw a 3.80% year-on-year increase in March, compared to 3.11% in February, largely due to a rise in ‘Other transportable goods, except metal products, machinery, and equipment transportable goods’ by 9.23%.

The Index of Industrial Production (IIP) witnessed a 7.70% year-on-year decrease in February, primarily attributed to a downturn in the Mining and quarrying sectors’ activity, which declined by 13.80% year-on-year.

Non-oil exports in February surged by 4.40% year-on-year, a significant increase compared to the 0.80% year-on-year growth in January. This growth was fueled by a notable 12.40% year-on-year increase in ‘Vehicles, aircraft, vessels, and associated transport equipment.’The Saudi Central Bank’s foreign reserves on an annual basis rose by 3.80% in March, rebounding from the decline witnessed in February, to SR1.707 trillion ($460 billion).