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  • Saudi inflation in August decelerates for 2nd consecutive month

Saudi inflation in August decelerates for 2nd consecutive month

The CPI increase represents a sharp drop from the annual rate recorded in June at 6.5 percent. (Shutterstock)
The CPI increase represents a sharp drop from the annual rate recorded in June at 6.5 percent. (Shutterstock)
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15 Sep 2021 05:09:03 GMT9
15 Sep 2021 05:09:03 GMT9
  • The consumer price index (CPI) recorded a modest increase in August of 0.3 percent

Rinat Gainullin

MOSCOW/DUBAI: Inflation rate in Saudi Arabia decelerated in August for the second month in a row, as the effects of the July 2020 tripling of the VAT rate no longer weigh on spending.

The consumer price index (CPI), a gauge used to detect the changes in prices, recorded a modest increase in August of 0.3 percent compared to the same month a year ago.

But the CPI increase represents a sharp drop from the annual rate recorded in June at 6.5 percent, according to the General Authority for Statistics (Gastat).

This fall reflects the diminishing impact of the increase in VAT from 5 percent to 15 percent that significantly affected the consumer price index levels starting from July 2020.

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