Transport costs hit 8-year high on fuel subsidy halt

Households and businesses faced the fastest rise in transport costs in eight years after the government ran out of money to cushion consumers against expensive petroleum products amid the US-Israel war with Iran, triggering fresh fare increases.

Transport inflation jumped 17.1 percent in October from 15.6 percent in September, marking its highest level since September 2018, when the government first introduced Value Added Tax (VAT) on petroleum products.