43 minutes ago
RIYADH: According to data from the Saudi General Authority for Statistics, inflation increased in July, on an annual basis, by 6.1%, compared to a rise of 0.5% in the previous month.
The authority attributed the acceleration of consumer price inflation to an increase in value-added tax from 5% to 15% on July 1, which had a general impact on annual inflation.
All major sectors witnessed a rise in prices compared to the same month of the previous year, but the inflation index was mainly affected by the increase in average prices in food and beverages by 14.3% and transport by 7.3%.
On a monthly basis, the Consumer Price Index increased by 5.9% compared to June. The prices of fuel and gasoline decreased by 17.1% and 15.5%, respectively, partly offsetting price increases in other consumption categories.