Riyadh – Mubasher: Inflation in the Saudi wholesale price index registered a 16.4% year-on-year hike in March, data by the General Authority for Statistics (GASTAT) showed on Wednesday.

Growth in the kingdom’s inflation was attributed to the imposing of the value-added tax (VAT) and amending prices of oil derivatives both of which commenced in January, according to GASTAT.

The Saudi body also attributed the rise in wholesale price index to a 33.6% hike in the prices of other goods after the prices of refined petroleum products surged 93.6%, while pulp and paper prices increased 9.7%

The food products, beverages, tobacco, and textiles segment increased 10.4%, which came on the back of a 105.3% leap in the prices of tobacco products, while beverage prices jumped 55.1%.

Metal products, machinery, and equipment prices rose 6.6%, while prices of ores and minerals grew 1.8% last month.

On the other hand, prices in the agriculture and fishery products segment inched down 0.8% as fish and other fishing products saw prices fall 4.3%, while live feedstock and animal products witness a 4.1% price decrease.

Month-on-month, Saudi inflation edged up 0.1% to 117.1 points during March from 117 points.