Saudi Arabia’s inflation rate surged to 6.1% in July on VAT hike

      Published on Tuesday, 18 August , 2020      853 Views     
Saudi Arabia’s inflation rate surged to 6.1% in July on VAT hike

Saudi Arabia’s inflation quickened at the fastest pace since at least 2012 after the kingdom tripled its value-added tax

Consumer prices rose an annual 6.1% in July from 0.5% in June, data released by the General Authority for Statistics showed on Sunday.

The increase was driven mainly by an acceleration in the cost of food and beverages – which rose more than 14% compared with last year – and transport, which rose 7.3%. Reductions in fuel and gasoline prices offset the broader inflation pickup.

Saudi Arabia increased its value-added tax from 5% to 15% on July 1, part of the government’s measures to compensate for lower oil prices as the coronavirus pandemic and crude market turmoil cut deeply into state revenue.

Category Finance, Saudi News | 2020/08/18 latest update at 9:30 PM
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