Riyadh – Mubasher: Saudi Arabia's Wholesale Price Index (Inflation) has grown 15.9% in May, compared to the same month a year earlier.
The Saudi General Authority for Statistics (GASTAT) attributed the rise to the introduction of the value-added tax (VAT), in addition to amending oil derivatives’ prices that occurred in January 2018.
The kingdom's inflation levelled up as prices in other goods section jumped 33.7% due to a 93.9% growth in refined petroleum products, and a 6.4% increase in pulp and paper, the GASTAT added.
Food products beverages and tobacco and textiles section rose 10% after prices of tobacco products and beverages surged 105.4% and 55.8%, respectively.
Metal products, machinery, and equipment prices rose 6%, while ores and minerals section went up 4.7%.
On the other hand, prices of agriculture and fishery products section decreased 3.2% as the prices of live animals and animal products fell 5.2%, while products of agriculture prices went down 2.6%.
On a monthly basis, Saudi wholesale price index inched down 0.3% to 116.5 points last month, from 116.9 points in April.
