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FINANCIAL NEWS
Oman inflation expected to rise in Q3 on Ramadan habits
29 Jul 2012
(MENAFN) Shopping spree in Oman during the holy month of Ramadan is fueling predictions that it will make inflation in the Sultanate shoot up to a new level in the third quarter, according to Times of Oman.
The paper said that the government’s measures to control prices are fading against the accelerating demand for food and clothing.
Demand for jewelry, a traditional gift bought by men for their dear ones every Eid, is also rising in Ramadan, the paper noted.
Citing consumers in the Gulf state, food prices have remained on a higher side in the second quarter, while the prices of clothing and jewelry accelerated significantly, by 5 percent and 10 percent respectively, during the first week of the holy month.
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