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Reuters
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Official data revealed today, Tuesday, that the consumer price index in Saudi Arabia rose 5.8% last November, compared to the same month a year ago.
Saudi Arabia, the world’s largest oil exporter, faces a severe economic recession this year due to falling oil prices, while restrictions on tackling the Corona virus have limited global demand for crude oil and harm local activity.
The General Statistics Authority said: “Given that the increase in value added tax from 5 to 15 percent in July 2020 had an overall impact on consumer prices throughout the Kingdom, the increase of the consumer price index is mainly due to an increase in food and beverage prices (+13.0). %) And transport (+ 8.0%). “
“The increase was particularly notable in the prices of meat (+ 14.8 percent) and vegetables (+ 22.2 percent),” she added, noting that the increase in food prices is the main factor behind the increase in the index.
The value-added tax hike helped boost non-oil revenues in the third quarter of 2020, but economists said it would likely have a negative effect on economic activity.
Source: Reuters
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