DUBAI, Feb 25 (Reuters) - Saudi Arabia's annual consumer price inflation rate jumped to 3.0 percent in January after the government introduced a 5 percent value-added tax and hiked domestic gasoline prices, official data showed on Sunday.
The statistics agency changed the base year for the consumer price index to 2013 from 2007 last month and adjusted the basket of goods and services, making direct comparisons with previous months difficult.
But the new tax and higher gasoline prices clearly pushed up inflation sharply. Annual inflation was just 0.4 percent in December, according to previously released data using the old basket.
(Reporting by Andrew Torchia; editing by John Stonestreet)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.