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Saudi CPI Inflation 1.6% y-o-y (consensus 1.7%) in Oct-23

- Saudi CPI inflation in October 2023 was 1.6% year-on-year, slightly below market expectations of 1.7% and the lowest level since January 2022.
- The inflation rate in October 2023 was 0.99 percentage points under the one-year average and 1.10 percentage points below the long-run average, indicating a subdued inflationary environment.

Saudi Private Sector Loan Growth 9.3% y-o-y in Sep-23

- Saudi private sector loan growth in September 2023 recorded a 9.3% year-on-year increase, slightly lower than the previous month's figure of 9.5%.
- The growth rate of 9.3% is 1.63 percentage points below the one-year average and 4.05 percentage points below the long-run average of private sector loan growth in Saudi Arabia.

The Middle East in Crisis (Again)

• Even considering the uptick in the price of oil since 7 October, markets remain calm in the face of the Israel/Hamas war. Both history and current events suggest that this is appropriate even though risks of serious and potentially market-moving escalations abound.

By Alastair Newton

Saudi CPI Inflation 1.7% y-o-y in Sep-23

- Saudi CPI inflation in September 2023 records a modest growth rate of 1.7% y-o-y, the lowest since February 2022 and lower than the previous month's rate of 2.0%.
- The current Saudi CPI inflation is 1.01 pp below the one-year average, suggesting subdued inflationary pressures.