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Saudi wholesale price index rises 15% in June – GASTAT

Saudi wholesale price index rises 15% in June – GASTAT
GASTAT attributed the rise to the introduction of VAT, in addition to adjusting fuel prices

Riyadh – Mubasher: Saudi Arabia's Wholesale Price Index (Inflation) jumped 15.4% year-on-year during June, General Authority for Statistics (GASTAT) said.

The state-run statistics agency attributed the rise to the introduction of the value-added tax (VAT), in addition to adjusting fuel prices as of January 2018.

The growth occurred after prices in other goods section surged 34.5% as refined petroleum products’ prices soared 93.9%, while prices of pulp and paper rose 9.1%.

Prices of ores and minerals section went up 11.2%, while food products beverages and tobacco and textiles section prices rose 6.7% after beverages and tobacco products prices levelled up 27.7%, and 26.4%, respectively.

Year-on-year, prices in metal products, machinery, and equipment section increased 6%.

On the other hand, prices of agriculture and fishery products decreased 2.7% as live animals and animal products’ prices fell 4.4%, while agriculture product prices fell 2.4%.

On a monthly basis, the kingdom's inflation inched up 0.2% to 116.7 points, from 116.5 points in May.

Month-on-month, prices of agriculture and fishery products grew 1.3%.