Riyadh – Mubasher: Saudi Arabia’s Wholesale Price Index (WPI) jumped by 5.1% in July 2020 on a yearly basis, reversing a 2.1% fall recorded during the previous two months.
The rise in WPI resulted from higher prices of metal products, machinery and equipment by 12.8%, given their weight in the index, combined with the overall impact of the increase in the value-added tax (VAT) to 15% from 5% on 1 July, as shown by data from the General Authority for Statistics (GaStat).
Helping offset the wholesale price inflation were the lower prices of refined petroleum products, which fell by 17.9% yearly last month.
Moreover, agricultural and fishery products, up by 17%, contributed the highest increase in wholesale prices over the past twelve months through July.
On a monthly basis, the index posted a 7.9% growth in July 2020 after levelling up 0.1% in June, driven by a monthly hike in prices of transport equipment and basic metals by 10.7% and 11%, respectively.
