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Saudi Arabia’s inflation registers nine-month low at 4.9% in March

Saudi Arabia’s inflation registers nine-month low at 4.9% in March
Consumer prices continue to reflect the VAT increase

Riyadh – Mubasher: The consumer price index (CPI) of Saudi Arabia registered a 4.9% increase in March 2021 up from the same month last year, official data showed on Thursday.

The inflation rate eased compared with its 5.2% reading in February and recorded its lowest level in nine months, according to the Saudi General Authority for Statistics (GaStat).

The rise of the CPI mainly originated from an increase in the prices of food and beverages as well as transport by 10.2% and 10.5%, respectively.

Consumer prices continue to reflect the increase of the value-added tax (VAT) from 5% to 15% in July 2020, GaStat explained.

Month-on-month (MoM), inflation remained relatively stable and declined by 0.1%.

The monthly CPI level was affected by a decline in housing, water, electricity, gas, and other fuels prices by 0.4%. This, accordingly, was affected by a decrease of 0.4% in rental prices.

The International Monetary Fund has revised its economic outlook for Saudi Arabia earlier this year, expecting a 2.9% growth in 2021.