RIYADH: Saudi inflation accelerated to 6.2 percent in June, the highest this year, driven by the cost of fuel and food.
It compares to 5.7 percent in May, according to data from the General Authority for Statistics (GSTAT) published on Thursday.
Transport prices gained 22.6 percent and food and beverages prices rose by 8.1 percent, the national statistics body said.
Consumer prices still reflect an increase of the value added tax (VAT) from 5 percent to 15 percent in July 2020.
“Looking ahead, the headline inflation rate is likely to peak in June at around 6.3 percent year-on-year,” James Swanston, Middle East and North Africa economist at London-based Capital Economics, said in a research note, last month.
Saudi Arabia announced a price cap on fuel on Saturday, to support local consumption and economy growth, as oil prices hit multi-year highs this year.
The Kingdom issued a royal directive to keep fuel prices at SR2.18 ($0.58) for octane 91 and SR2.33 for octane 95, SPA reported, citing the Energy and Water Price Reforms Executive Committee.
Fuel and food prices push June Saudi inflation to highest this year
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Fuel and food prices push June Saudi inflation to highest this year
- Consumer prices still reflect an increase of the value added tax (VAT) from 5 percent to 15 percent in July 2020
Closing Bell: Saudi main index rises to close at 11,341
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Wednesday, gaining 12.75 points, or 0.11 percent, to close at 11,341.27.
The total trading turnover of the benchmark index was SR5.15billion ($1.37 billion), as 84 of the listed stocks advanced, while 168 retreated.
The MSCI Tadawul Index increased, up 3.84 points or 0.25 percent, to close at 1,530.98.
The Kingdom’s parallel market Nomu lost 233.47 points, or 0.97 percent, to close at 23,810.24. This comes as 31 of the listed stocks advanced, while 39 retreated.
The best-performing stock was Al Majed Oud Co., with its share price surging by 6.02 percent to SR156.80.
Other top performers included Advanced Building Industries Co., which saw its share price rise by 5.75 percent to SR42.32, and Al Kathiri Holding Co., which saw a 5.50 percent increase to SR2.11.
On the downside, the worst performer of the day was Elm Co., whose share price fell by 5.99 percent to SR699.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. and United Cooperative Assurance Co. also saw declines, with their shares dropping by 3.60 percent and 3.08 percent to SR45.02 and SR3.78, respectively.
On the announcement front, Saudi Arabian Refineries Co. has announced the completion of the issuance of the articles of association and the commercial registration of its holding company under the name Masafi Ventures Co. Holding, a wholly owned single-person limited liability company.
SARCO’s share price closed at SR51.80 on the main market, marking a 0.19 percent decrease.
In another announcement, Multi Business Group Co. has announced a project award from the National Housing Co. for the design and execution of the Al Aziziyah Sales Center.
The contract involves all construction, architectural, fit-out, and electromechanical engineering works for the new sales facility, according to a statement on Tadawul.
The company’s share price remained unchanged at SR10 on the parallel market.
