Saudi Arabia: Inflation reaches lowest last month
(MENAFN) Inflation level in Saudi Arabia reduced its speed in the past month for the second month consecutively, reaching the lowest rate from June last year while the effects of the July 2020 tripling of the VAT level are not a burden on expenditure anymore.
The consumer price index (CPI), a measure employs to spot the alterations in costs, registered a humble growth in August of 0.3 percent against the same month in 2020.
However, the General Authority for Statistics (Gastat) stated, the CPI raise reflects an intense fall from the yearly level noticed in June at 6.5 percent.
This decline mirrors the diminishing effect of the growth in VAT from 5 percent to 15 percent that extensively influenced the consumer cost index rates early from July last year.
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