Saudi Inflation Rate for the 25th Consecutive Month
News - Middle East: Inflation in Saudi Arabia remained at 1.2 percent in January, despite a rise in transport and food costs, according to the Kingdom’s General Authority of Statistics, also known as GASTAT. Saudi Arabia's CPI rose 0.2% month-to-month in January, the statement reported.
Inflation in Saudi Arabia rose last January for the 25th consecutive month, as it contracted during 2019, and then began to rise since then.
Transport prices increased by 4.9%, mainly due to the rise in gasoline prices by 34.5%, the General Authority for Statistics said in a statement.
Saudi Arabia, the largest oil exporter in the world, had lifted subsidies on gasoline prices and began reviewing them periodically as of the beginning of 2018. Oil prices are trading at their highest in more than seven years. As of July 2020, Saudi Arabia began raising the value-added tax from 5% to 15% to counter the drop in oil prices due to “Corona".
#Economy #Coronavirus #Saudi_Arabia About 2 years
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