Saudi Arabia has witnessed fluctuations in its inflation rate in recent years, driven by increased domestic spending and government investments. As the country diversifies its economy and pursues ambitious development plans, such as Vision 2030, heightened government expenditure has created demand for goods and services, leading to price pressures and inflationary tendencies. The global economic landscape, particularly fluctuations in oil prices, significantly influences inflation in Saudi Arabia. The Kingdom's economy is closely tied to international markets, and changes in oil prices impact its fiscal position. When oil prices rise, Saudi Arabia experiences economic growth and potential inflation, while declining prices can necessitate austerity measures. Maintaining a diversified economy and implementing prudent fiscal policies are crucial for mitigating external shocks and ensuring long-term economic stability.
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