Riyadh – Mubasher: Saudi Arabia's Wholesale Price Index (Inflation) jumped 16.3% year-on-year in October, the General Authority for Statistics’ (GASTAT) data revealed.
The rise was attributed to a 37.1% surge in prices of other goods section, with prices of refined oil products soared 93.9%, the state-run statistics agency added.
The prices of ores and minerals section also raised 7.5% as stones and sand prices levelled up 7.5%.
The Saudi body further noted that the large growth was attributed to the implementation of the value-added tax (VAT) and the adjustment of oil derivatives’ prices as of January.
Month-on-month, the GCC country’s wholesale price index inched up 0.2% to 116.8 points in October, from 116.6 points.
On a monthly basis, the other goods section inched up 0.5%, while agriculture and fishery products sector rose 0.2%.
On the flipside, prices of ores and minerals section fell 0.3% last month, followed by food products, beverages and tobacco and textiles with 0.1%, and metal products, machinery and equipment section with 0.1%.
