Riyadh - Mubasher: Saudi Arabia's wholesale price index rose by 7.3% in February 2021, when compared to the same month of 2020, according to the latest data by the General Authority for Statistics (GaStat).

The rise in the Saudi wholesale price index is driven by higher prices of metal products, machinery, and equipment by 14.9% and the impact of the increase of the value-added tax (VAT) from 5% to 15% in July 2020, according to a press release on Monday.

The prices of metal products, machinery, and equipment registered the largest increase in wholesale prices due to higher basic metals prices by more than 23.7% and transport equipment prices by 12.3%.

However, the prices of other transportable goods declined by 1.9% year-on-year (YoY) in February 2021, dampening the wholesale price inflation.

On a monthly basis, Saudi Arabia's wholesale price index leveled up by 1.5% in February 2021, when compared to January 2021, due to the higher prices of other transportable goods by 3.3%.

Source: Mubasher

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