Oman records low GCC inflation rate

2015-12-23 12:48:08

(MENAFN- Muscat Daily) Muscat-

Inflation index in the GCC states in October 2015 witnessed rates ranging between 0.43% in the Sultanate of Oman and 3.68% in the United Arab Emirates (UAE) compared with the same month in 2015 according to the latest statistics released by the GCC Statistical Centre (GCC-Stat).

The UAE recorded the highest inflation rate compared with the other GCC states as it hit 3.68% followed by the State of Kuwait by 3.21% the Kingdom of Saudi Arabia (KSA) by 2.4% the Kingdom of Bahrain by 2.3% the State of Qatar by 1.7% whereas the Sultanate recorded the low inflation rate by 0.43%.

While comparing the inflation index during October and September 2015 Bahrain recorded the highest rate by 0.6% the KSA by 0.3% Qatar by 0.2% and Kuwait by 0.07%. The inflation index recorded a decline by 0.48% in the UAE and 0.21% in the Sultanate of Oman.

Foods and beverages group recorded a rise in the most GCC countries during October 2015 compared with the same month last year. Prices rose in Bahrain by 8.9% followed by Kuwait by 4.28% Qatar by 2.2% the KSA by 1.2% the UAE by 0.43% whilst it fell by 1.28% in the Sultanate of Oman.

Housing water electricity and gas group and other types of fuels rose in all GCC states during October 2015 compared with the same month in 2014. The UAE recorded the highest rate by 8.29% followed by Kuwait by 5.66% the KSA by 4.4% Bahrain by 3.1% Qatar by 1.8% and the Sultanate of Oman by 0.60%.

Transport group also rose in most of the GCC countries in October 2015 compared with October 2014. Qatar recorded a rise by 2.8% followed by the KSA by 2.3% the UAE by 1.61% and Kuwait by 0.08% whereas it declined by 2.0% in Bahrain and by 0.86% in the Sultanate of Oman.

As for the main groups that witnessed the highest increase in each GCC state during October 2015 compared to the same month last year date pointed out that the education group topped the list of groups in Qatar and KSA by 18.0% and 5.4% respectively.

The foods and beverages group hit 8.9% in Bahrain whereas housing water and electricity group and other types of fuels rose by 8.29% in the UAE. The restaurants and hotels group hit 7.08% while the tobacco group increased by 3.34% in the Sultanate of Oman.

The date published by the GCC-Stat pointed out that the groups that recorded the low rates during October 2015 compared to the same month in 2014 according to each GCC country came as follows: goods and miscellaneous services group fell by 3.8% in Bahrain telecommunications group declined by 3.10% in the Sultanate of Oman culture and entertainment group fell by 3.0% in Qatar restaurants and hotels group declined by 1.9% in the KSA clothes and shoes group fell by 0.62% in Kuwait and 0.42% in the UAE.