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Saudi Arabia CPI inflation 2.74% y-o-y in Jun-23

- Saudi Arabia's CPI inflation rate in June 2023 stood at 2.74%, the lowest since April 2023.
- The inflation rate is 0.20 percentage points below the 1-year average, indicating a moderation in price growth, but still 0.79 percentage points above the long-run average.

Opec: Is The End (Finally) Nigh?

• Historically, forecasts of Opec’s imminent demise have proved well wide of the mark. However, keeping the cartel together as we enter an era of permanently declining demand for oil may prove much more challenging.

By Alastair Newton

Saudi Arabia PMI 59.6 in Jun-23

- The Saudi Arabia PMI increased to 59.6 in June 2023, representing a robust expansion in the manufacturing sector and the highest level since February 2023.
- The PMI reading surpasses the one-year average by 1.47 points, indicating a significant improvement in manufacturing conditions and suggesting increased economic activity.

Saudi Arabia M3 money supply 9.13% y-o-y in May-23

- Saudi Arabia's M3 money supply grew by 9.13% year-on-year in May 2023, the lowest growth rate since February 2023 but still above the one-year and long-run average.
- The slower growth in money supply suggests a potential moderation in liquidity, but it is important to consider the broader economic context and factors driving the growth.