Prices of Saudi commodities, services rise in May

Prices of 30 commodities in Saudi Arabia dropped year-on-year (YoY) in May, while prices of 129 other products rose, official data issued by the Saudi General Authority for Statistics (GASTAT) showed.

The Kingdom imposed a 5 percent value-added tax (VAT) as of January 2018.

For the total of 88 food products, prices of 19 items declined YoY in May, while prices of other 68 products increased.

Chinese garlic saw the biggest drop at 27 percent YoY, while prices of soft drinks jumped the most by 68 percent.

Saudi Arabia rolled out a 50 percent tax on carbonated soft drinks in June last year.

As for non-food commodities, the prices of 15 items increased in May, with Marlboro cigarettes rising the most by 109 percent.

A 100 percent selective tax on tobacco products and energy drinks was imposed in June 2017.

Elsewhere, prices of 11 services rose in May compared to a year earlier, while two services saw a decline.

Prices of fodder and livestock increased in May.

Meanwhile, prices of nine construction materials declined last month, while 28 materials increased. Concrete 250k prices saw the biggest drop of 4 percent, while the prices of Rebar 10mm rose the most by 23 percent.