Saudi Arabia’s inflation rate is likely to see a slight rise in the subsequent month of June, which partly coincided with Ramadan holidays, MEFIC Capital said on Monday in its monthly macroeconomic view on the country.
“The month of Ramadan usually sees rise in both consumer demand and prices, as Saudis tend to spend more on new clothes, food, accessories and luxury items,” the brokerage firm added.
Inflation rates are expected to reach 5 percent by the end of this year, the report showed.
The Saudi inflation rate declined to 2.3 percent in May 2018 - its lowest level so far this year, from 2.6 percent in the previous month, Argaam earlier reported.
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