Saudi Arabia’s inflation among lowest in G20

The Kingdom of Saudi Arabia's flag

Saudi Arabia’s inflation rate was the lowest among G20 nations in July 2023, according to Capital Economics. 

The inflation rate eased to 2.3% in July, hitting its lowest level in more than a year, the consultancy said.

According to the General Authority for Statistics (GASTAT), the decline was achieved due to the resilience of the Saudi economy, and the significant positive impact of the economic policies and measures that the Kingdom proactively took to confront the global rise in inflation rates.

Saudi Arabia and South Korea recorded the lowest inflation rates in G20, at 2.3% each, while China recorded a negative inflation rate (-0.3%) in July.

Turkey and Argentina recorded the highest inflation rates among the G20 countries at 47.8% and 113%, respectively.

The G20 was established in 1999 and include major industrialized and developing countries, namely Saudi Arabia, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, South Africa, Turkey, Argentina, the United Kingdom, the United States of America, and the European Union.

The economies of many countries, including developed countries, have been suffering from significant increases in inflation rates for several months after the repercussions of the COVID-19 pandemic, Russia-Ukraine war, supply chain disruptions and surge in transportation costs.

The following table shows the ranking of inflation rates for G20 countries: