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DUBAI: Saudi Arabia's consumer price index rose 1.2% in January from a year earlier, fuelled by higher transport prices, government data showed on Tuesday.

Transport prices increased by 4.9%, mainly due to the rise in gasoline prices by 34.5%, the General Authority for Statistics said in a statement.

"Transport prices were the main driver of the inflation rate in January 2022 due to their high relative importance in the Saudi consumer basket," it said, citing the segment's 13% CPI weight on the inflation basket.

Turkish food tax cut to ease inflation by 1.5pc pts

Oil prices are trading at their highest in more than seven years.

Saudi Arabia's CPI rose 0.2% month-on-month in January, the statement said.

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