News - Middle East: A special Saudi public opinion poll, commissioned by the Washington Institute and conducted by a regional commercial survey firm July 25-August 15, 2022, showed that half of them are pessimistic about the economic conditions of the oil-rich country, while the majority of them support the conclusion of the Iranian nuclear deal.

Half of Saudi citizens voice pessimism about a “generally bad economic situation in our country,” including 22% who feel “strongly” that way. 

This view is shared almost equally among the younger and older generations. This sentiment—quite counter-intuitive, in light of the heavy outside focus on rising oil revenues—may stem from the Saudis’ perception of higher food prices.

Consumer prices in Saudi Arabia increased by 2.7 per cent on an annual basis in July.

The Consumer Price Index in July was also higher than the 2.3 per cent rate of inflation recorded in June, Saudi Arabia’s General Authority for Statistics said in the latest CPI data released on Monday.

Overall food and beverage prices increased 3.9 per cent and “were the main driver of the inflation rate in July due to their high relative importance in the Saudi consumer basket, with a weight of 18.8 per cent", the Gastat report said.

Transport prices rose by 3.6 per cent, driven primarily by a 4.2 per cent increase in the prices of cars in the kingdom.

The cost of personal goods and services increased by 2.1 per cent on an annual basis, while restaurant and hotel prices jumped 6.3 per cent.

While the cost of education rose 5.7 per cent, housing, water, electricity, gas and other fuel prices increased by a more modest 2 per cent, according to government data.