Saudi inflation soars to five-year high on subsidy cut

The Consumer Price Index (CPI), which reflects movements in the cost of living, rose 4.3 percent in January compared with the same month a year earlierSaudi inflation soared to a five-year high in January after the kingdom made unprecedented cuts to public subsidies and raised fuel prices, a research report said Wednesday. “The recent reform to energy prices meant that housing and utilities and transport were the main sources of inflation as they accelerated sharply in January,” Jadwa said. Transport sector inflation jumped 12.6 percent year-on-year last month, the highest level in 21 years, the report said.

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