Inflation rate in Saudi Arabia rises to 5.7% in May

Data today showed that the inflation rate in Saudi Arabia rose for the second month in a row, rising to 5.7% in May, compared to 5.3% in April, and consumer prices rose by 0.2% in May. The General Authority for Statistics said that the increase is mainly due to the rise in food and beverage prices and transportation, as food prices constitute 17% of the Saudi consumer basket, making it the main driver of the main inflation rate in May.

The Saudi economy declined by 3% in the first quarter of this year after the economy contracted by 4.1% last year, and the International Monetary Fund expects the gross domestic product in Saudi Arabia to grow by 2.1% this year.