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Inflation in Oman lowest in the GCC



Muscat: The inflation rates across the Gulf Cooperation Council (GCC) region ranged between 1.5 per cent and 3.4 per cent over a 12-month period through May 2014, according to the latest reports by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).

The latest inflation figures over the of 12 months period (through May 2014) reveal that Qatar topped the list with 3.4 per cent, followed by 2.9 per cent in  Kuwait, 2.7 per cent in Saudi Arabia, 2.1 per cent in the United Arab Emirates, 1.9 per cent in Bahrain, and 1.5 per cent in the Sultanate of Oman.

When compared to April 2014 figures, inflation rates witnessed a slight increase of 0.2 per cent in the United Arab Emirates, Sultanate of Oman and Kuwait, while 0.5 per cent increase was registered in Qatar and 0.1 per cent in Saudi Arabia. Meanwhile, inflation figures in Bahrain for the month of May 2014 remained stable when compared to the figures of April 2014.

Member state
As for price growth within groups of the general consumer price index in each Gulf Coopration Council (GCC) member state, figures revealed an increase over the 12-month period through May 2014.

Furniture and Household Goods increased by 4.7 per cent, 5.2 per cent and 7.4 per cent in the United Arab Emirates, Kuwait and the Sultanate of Oman respectively, while Education in Bahrain increased by 5.0 per cent.

Meanwhile, Tobacco prices in Saudi Arabia grew by 6.4 per cent, whereas Housing and Energy costs increased in Qatar by 7.0 per cent.

Furniture, household goods prices rise
On the other hand, figures showed a decrease in other groups whereby Communication in Bahrain showed a 0.6 per cent decrease, Communication and Transportation in Saudi Arabia went down by 0.9 per cent, Recreation and Culture Category in Oman decreased by 0.8 per cent, while prices for Miscellaneous Goods and Services decreased in Qatar and Kuwait by 0.6 per cent and 1.5 per cent in the same order.

The overall figures revealed an increase in prices of Furniture and Household Goods through May 2014 where Oman came first with 7.4 per cent, followed by Qatar with 5.4 per cent, then 5.2 per cent in Kuwait, 4.7 per cent in the United UAE and Saudi Arabia, while prices in Bahrain witnessed a slight increase of one per cent.

In contrast, the Telecommunication group showed a decrease in three countries: 0.6 per cent in Bahrain, 0.9 per cent in Saudi Arabia and 1.1 per cent in Kuwait. The Transportation group prices decreased by 0.7 per cent in the Sultanate of Oman and 0.9 per cent in Saudi Arabia. Meanwhile, prices of Miscellaneous Goods and Services in Qatar and Kuwait went down by 0.6 per cent and 1.5 per cent respectively.

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