Saudi Arabia's inflation to decelerate to 2.6% in 2023: Al-Jadaan

Minister of Finance Mohammed Al-Jadaan

Saudi Minister of Finance Mohammed Al-Jadaan said he expects inflation in the Kingdom to decline to about 2.5-2.6% in 2023, down from about 3.3% last year.
  

In an interview with CNBC during the Davos Forum, Al-Jadaan said that the Kingdom has taken several steps to curb inflation, which has risen globally since the COVID-19 pandemic. He added that among the key steps taken by the Kingdom is putting a cap on fuel prices, to contribute to price stability.
   

Meanwhile, Al-Jadaan said that Saudi Arabia is seeking to stabilize the oil market, and not to cause price shocks that will negatively affect producers, consumers, oil investments, and the overall economy.
 

He further stated that the world needs more cooperation and less tensions, adding that the Kingdom can play a role in bringing views closer and narrowing the gap between the US and China, given its close relationship with the two sides.