The Saudi Central Bank, also known as SAMA, is projecting the rate of inflation in the Kingdom to accelerate slightly in the first quarter of 2022 on a year-on-year basis.Â
The forecast should be justified by an ongoing improvement in domestic demand and a rise in the level of inflation globally.
Consequently, compared to the fourth quarter of 2021, the rate of inflation in the first quarter is expected to remain stable, SAMA said in a report posted on its website.
SAMA also cited forecasts of World Bank global prices indices released October 2021 showing that in 2022 energy prices are expected to rise 0.5 percent and fertilizer prices to grow 4.8 percent.
On the other hand, the World Bank projected that in 2022 prices for agricultural products and foodstuffs will fall 3 percent and 3.5 percent respectively.
