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Official data showed that the Saudi CPI rose 5.8% in October, from the same month last year, a slight increase from September’s rate of 5.7%.
The world’s largest oil exporter faces a severe economic recession this year, after the Covid-19 pandemic squeezed global demand for crude and through measures to contain the Corona virus that had damaged local business .
Today, Sunday, the General Statistics Authority said: “Considering the impact of the increase in value added tax from 5% to 15% applied since the beginning of July 2020 .. By 13%, as well as transport prices, which increased by 7%. “
Food and drink prices registered the largest annual increase and were the main driver of inflation in October, officials said.
The increase in the value-added tax helped boost non-oil revenue in the third quarter of the year, but analysts are expected to dampen the economic recovery.
Source: Reuters
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