RIYADH, April 13 (Xinhua) -- The inflation rate in Saudi Arabia was relatively stable in the first quarter, thanks to a robust Saudi economy and the government initiatives to ensure steady supply of goods, the General Authority of Statistics announced on Thursday.
The inflation rate in the kingdom declined to 2.7 percent in March, down from 3 percent in February and 3.4 percent in January, according to the Saudi statistical authority.
The consumer price index bulletin of March attributed the kingdom's low inflation rate to the strength of its economy and the measures taken to deal with the supply chain crisis after the outbreak of the COVID-19 pandemic.
The kingdom's decision to fix the upper ceiling for energy prices, which demonstrates the Saudi economy's strength, flexibility and exceptional capacity to withstand shocks, is another reason for the low inflation rate, according to the bulletin. ■
