RIYADH – – Saudi Arabia’s consumer price index increased by 5.8% in November compared with the same month last year, official data showed on Tuesday, while remaining the same as October’s rate.
The world’s largest oil exporter is facing a steep economic contraction this year amid low oil price, while coronavirus – induces restrictions curbed global crude demand and hurt domestic activity.
‘Granted that the increase in the Value Added Tax (VAT) from 5% to 15% in July 2020 had an overall influence on consumer prices throughout the Kingdom, the rise of the CPI originated mainly from the increase in price of Food and Beverages (+13.0%) and Transport (+8.0%)’, the General Authority for Statistics said.
The consumer price index decreased by 0.2% year-on-year in November 2019.
Higher food prices were the main driver of the increase, the authority said.
‘In particular, the increase of prices of Meat (+14.8%) and Vegetables (+22.2) was remarkable’, it said.
The VAT hike contributed to an increase in non – oil revenue in the third quarter, but economics have said it will dampen economic recovery.
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