(MENAFN) According to a report released by the General Authority for Statistics, Saudi Arabia's inflation rate remained unchanged at 2.7 percent in April 2023 compared to March 2023. However, the Kingdom's inflation rate continues to rise on a year-on-year basis, in line with the global trend, which stood at 2.3 percent in April 2022.

The report noted that the Consumer Price Index in April was driven by higher prices of housing, water, electricity, gas, and other fuels. This suggests that the cost of living in Saudi Arabia is on the rise, which could have an impact on the average citizen's purchasing power.

It is worth noting that in March 2023, Saudi Arabia's inflation rate had softened to 2.7 percent from 3 percent recorded in February. However, the inflation rate in the Kingdom was at 3.4 percent and 3.3 percent in January 2023 and December 2022, respectively.

The rise in inflation is a global phenomenon, with most countries experiencing an increase in prices of goods and services. However, it is important for governments to monitor inflation rates and take measures to ensure that they do not spiral out of control. High inflation rates can lead to a decrease in purchasing power, which can have a negative impact on the economy.

Overall, while Saudi Arabia's inflation rate remained unchanged in April 2023, the continued rise in the year-on-year basis suggests that the government needs to take measures to control inflation and ensure that the cost of living does not become too high for its citizens.

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