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Wholesale prices in Saudi Arabia increase 12% in August

Wholesale prices in Saudi Arabia increase 12% in August
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Riyadh – Mubasher: Saudi Arabia’s wholesale price index for August rose by 12%, compared to the same month last year, official data revealed.

The increase in the Kingdom’s wholesale prices mainly resulted from a surge of 20.4% in the other transportable goods, due to their weight in the index and as basic chemicals registered the highest increases of 86%. Refined petroleum products prices also grew by 24.8%.

Metal products, machinery, and equipment prices increased by 10.2% on an annual basis last August, the Saudi General Authority for Statistics (GaStat) showed on Wednesday.

Agriculture and fishery products posted a 4.5% rise in prices, while the food products, beverages, tobacco, and textiles prices added 1.1%.

Ores and minerals prices in Saudi Arabia soared by 7.6% in August.

On a monthly basis, the Kingdom’s wholesale prices edged up by 0.7% compared to July 2021. The rise was mainly attributed to 0.8% higher prices of metal products, machinery, and equipment.

Other transportable goods prices also went up by 0.8%. Food products, beverages, tobacco, and textiles prices inched up month-on-month (MoM) by 0.4%.

Agriculture and fishery products, meanwhile, showed 0.2% decline in prices.