Riyadh – Mubasher: Saudi Arabia’s Consumer Price Index (CPI) jumped by 6.2% year-on-year (YoY) in August 2020, slightly above the previous month’s rate of 6.1%.
The rise of the CPI was driven by an increase in food and beverages prices by 13.5% and transport by 8.2%, according to data by the General Authority for Statistics (GaStat).
Moreover, the hike in the value-added tax (VAT) from 5% to 15% in July had an overall influence on consumer prices throughout the kingdom.
On the other hand, fuel prices tumbled by 25.2% (Gasoline 95) and by 6.4% (Gasoline 91), which partly offset the increase in CPI.
On a monthly basis, prices went up by 0.2% in August when compared to July. The monthly inflation index was affected by a rise in transport as well as miscellaneous goods and services prices by 0.9% and 0.8%, respectively.