VAT Pushes Inflation Up

Monday, May 17, 2010

Annual consumer inflation jumped to 7.1 percent in April from 6.0 percent in March largely due to the increase in Value Added Tax rate, the Central Statistics Office (CSO) reported on Friday.

In a bid to plug a hole in the budget after revenue dropped sharply during last year's economic downturn, government lifted VAT to 12 percent from 10 percent from April.

"All the group indices showed increases between March and April mainly due to the revision of the value added tax," the CSO said in a statement.

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