Muscat: The inflation rate in Oman recorded an increase of 1.48 per cent in May 2014 compared to the same period in 2013, however, when viewed on a month-on-month basis the May rate increased by 0.22 per cent compared with the April 2014 figure.
The inflation report issued by the National Centre for Statistics and Information (NCSI) details the factors driving the increase in the inflation rate in May 2014, when compared to May 2013. Over the 12 month period food and non-alcoholic beverages rose by 2.7 per cent, while housing, water, electricity, gas and other fuels grew by 1.66 per cent. Education costs recorded an increase of 6.3 per cent.
Meanwhile, health costs increased by 6.01 per cent and communications costs rose by 0.13 per cent. In addition, furnishings, household equipment and routine household maintenance grew by 7.35 per cent, and hotels and restaurants costs increased by 1.26 per cent. Miscellaneous goods and services also recorded an increase of 0.07 per cent while tobacco prices increased by 0.52 per cent, and clothing and footwear costs grew by 0.04 per cent. However, transport costs recorded a decline of 0.65 per cent and recreation and culture costs also decreased by 0.84 per cent.
When measured against the April 2014 figures, the report shows that the inflation rate in May increased by 0.22 per cent. The increase is attributed to the rising costs of food and non-alcoholic beverage prices by 0.7 per cent while transport costs also increased by 0.33 per cent. In addition, housing, water, electricity, gas and other fuels grew by 0.01 per cent.
On the other hand, clothing and footwear declined by 0.04 per cent, furnishings, household equipment and routine household maintenance also declined by 0.14 per cent, communication costs by 0.01 per cent, recreation and culture group by 0.03 per cent. Hotels and restaurants costs declined by 0.09 per cent, goods and services costs by 0.04 per cent. Tobacco prices and education costs were stable on a month-by-month basis.