Saudi Arabia: Inflation eases in February
Consumer prices decreased 0.13% over the previous month in February, contrasting January’s 0.22% rise. February’s print reflected falling prices for housing and utilities, and clothing and footwear.
In February, inflation fell to 5.3% from 5.7% in January. Elevated inflation in recent months has been due to the increase in the value-added tax rate from 5% to 15% back in July 2020. Meanwhile, annual average inflation increased to 4.2% in February, up from 3.9% in the previous month.