Inflation Saudi Arabia 2023
Average inflation: 2.3%
Current Inflation
Inflation is normal at 2.3%, around the ECB target.
Peak and Trough
The highest inflation was in January at 3.4%. The lowest inflation was in December at 1.5%.
- Highest month
- January: 3.4%
- Lowest month
- December: 1.5%
- Difference
- 1.9 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Housing, water, electricity, gas and other fuels with an average of 7.9%. The lowest price increase was in Clothing and footwear with an average of -3.1%.
- Highest increase
- Housing, water, electricity, gas and other fuels: 7.9%
- Lowest increase
- Clothing and footwear: -3.1%
Historical Context
Current inflation is around the 5-year average of 1.8%.
- 5-year average
- 1.8%
- 10-year average
- 1.6%
- All-time high (2008)
- 9.9%
- All-time low (2019)
- -2.1%
Trend
Inflation has remained relatively stable. Compared to 2022, the difference is minimal (-0.2 percentage point).
- Change vs. previous year
- -0.2 percentage points
- Largest monthly swing
- January: +2.2 percentage points
ECB Target
Inflation is close to the ECB target of 2.0%.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 3.4% | +2.2 |
| February | 3.0% | +1.4 |
| March | 2.7% | +0.7 |
| April | 2.7% | +0.4 |
| May | 2.8% | +0.6 |
| June | 2.7% | +0.4 |
| July | 2.3% | -0.4 |
| August | 2.0% | -1.0 |
| September | 1.7% | -1.4 |
| October | 1.6% | -1.4 |
| November | 1.7% | -1.2 |
| December | 1.5% | -1.8 |
| Average | 2.3% |
Data source
Data from OECD. Last updated: 11/01/2026.