Riyadh – Saudi Arabia's Consumer Price Index (CPI) increased by around 5.7% year-on-year (YoY) in September 2020, down from an inflation rate of 6.2% in August.
This change in prices is attributed to a rise in the value-added tax to 15% in July 2020 from 5%, according to the latest statistics by the General Authority for Statistics (GaStat).
The inflation is pressured by higher prices of the food and beverages sector with 12.6% and transport segment with 7.8%.
Meanwhile, the prices of tobacco, communication, and furnishings, household equipment, and household maintenance increased by 13.3%, 9.5%, and 8.3%, respectively.
On a monthly basis, the inflation rate decreased by 0.2% in September, when compared to August, driven by lower prices of the education segment by 8.2% and clothing and footwear sector by 0.4%.
It is noteworthy to mention that in August, Saudi Arabia's inflation rate rose by 6.2% year-on-year (YoY), slightly above the previous month’s rate of 6.1%.
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