Saudi Arabia inflation rate up in April – Reuters

REUTERS/Faisal Al NasserSaudi Arabias inflation rate quickened to 5.3% in April from 4.9% the previous month, still reflecting a boost in value-added tax last year, main data showed.The 5.3% yearly boost was primarily due to greater food and transportation costs, the General Authority for Statistics stated.”Prices of food and drinks recorded the highest yearly increase of 8.4%, generally due to the boost in food rates,” it said.On a month-on-month basis, consumer prices increased 0.2%. Yearly inflation was 3.4% in 2020, choosing up in the 2nd half of the year after authorities tripled a value-added tax to 15% to boost coffers hurt by the coronavirus crisis and lower oil prices.Saudi Arabias economy diminished 3.3% in the very first quarter this year from a year previously, struck by oil output cuts, but the non-oil economy broadened 3.3%, recovering from the pandemic, according to flash federal government quotes this month.