Riyadh – Mubasher: Saudi Arabia’s inflation is expected to decline by 1.1% in 2019, according to a report released by the International Monetary Fund (IMF).
The IMF ascribed the decline in the oil-rich country’s inflation to the decrease in rents.
Saudi Arabia’s consumer price index (CPI), which is known as inflation, declined by 1.5% year-on-year in May, according to data released by the General Authority for Statistics (GASTAT).
With the growth of the non-oil economy, the credit volume increased in Saudi Arabia, the IMF’s report said.
The IMF expected that Saudi deficit would decline to 5.1% of GDP in 2020 and increase later after oil prices plunge.
