Saudi Arabia’s Inflation Rate Increases to 5.2% YoY in February 2021; Lowest Since VAT Hike
March 16, 2021
Email Saudi Arabia’s Consumer Price Index (CPI) increased by 5.2% year-on-year (YoY) in February 2021, compared to the same month in the previous year, according to a statement released by the General Authority for Statistics (GaStat), Saudi Arabia’s official statistics agency.
Why it matters?
The rise of the CPI in February 2021 was mainly due to higher prices of Food and Beverages (+11.2% YoY) and Transport (+9.8% YoY). Saudi Arabia’s annual CPI in February 2021 was slightly lower than the 5.7% YoY witnessed in January 2021, and the lowest seen since the tripling of value-added tax to 15% from 5% came into effect on the 1st of July 2020, which had an overall impact on consumer prices in the Kingdom.
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