Riyadh – Mubasher: The Saudi wholesale price index (inflation) increased 17% year-on-year during January 2018, compared to the same month a year earlier.
The kingdom’s inflation growth was attributed to a rise in the prices of main sections after the introduction of the value-added tax (VAT) and adjusting prices of some oil derivatives, the General Authority for Statistics (GASTAT) said.
Prices of food products beverages and tobacco, metal products, machinery, and equipment, ores and minerals, and agriculture and fishery products have increased.
While prices of refined petroleum products hiked by 34.5%, representing 33.7% of the index relative Importance.
Food products beverages and tobacco and textiles levelled up 10.2% due to a 105.3% jump in tobacco products, followed by 55.3% growth in beverages.
Prices in the section of metal products, machinery, and equipment went up 6.6% after radio, television and telecommunications equipment and apparatus rose by 12.8%, meanwhile fabricated metal products climbed by 11.7%.
Similarly, prices of ores and minerals section rose by 2.8%, while agriculture and fishery products increased by 1.2%.
Month-on-month, Saudi inflation surged 15.9% in January 2018, compared to December 2017.
