Saudi Arabia

Saudi Arabia’s inflation jumps to 6.1%

Saudi Arabia’s consumer price index jumped 6.1 percent in July compared to last year, after the value added tax increased from 5% to 15%, according to the General Authority for Statistics.

The General Statistics Authority (GaStat) is a government agency in Saudi Arabia which is responsible for carrying out statistical works including conducting national surveys.

The inflation rate in June was 0.5 percent, the smallest annual increase since January, before VAT was hiked on July 1.

The General Statistics Authority report said the annual inflation jump reflected price increases in most categories, with food and transport being major contributors, rising by 14.6% and 7.3% respectively.