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FINANCIAL NEWS
Oman’s inflation lowest in GCC
06 Jan 2014
(MENAFN) The Sultanate’s inflation rate reached 0.5 percent in November, slightly up from the October figure of 0.3 percent. However, this is much lower than the level of inflation at 2.7 percent for November 2012, according to the monthly statistics released by the National Center for Statistics and Information (NCIS), Times of Oman reported.
Food prices signed a rise of 2.9 percent from October to November 2013. For the same period, educational services increased by 9.9 percent, and housing rental, electricity, water and fuel rose by 1.2 percent. Transport and communications also rose by 0.5 percent, and clothing and textiles, and footwear prices rose by 1.3 percent. Furniture prices and household items rose by 0.8 percent and medical services by 1.8 percent. However, prices of a range of personal goods and other services dropped by 13.2 percent and a range of culture and leisure services by 0.6 percent during the period.
While the inflation rate in Oman stood at 0.5 percent, Bahrain witnessed the highest rate of inflation at 3.6 percent, followed by Saudi Arabia with 3.1 percent, and Qatar at 2.8 percent, Kuwait at 2.6 percent, and the United Arab Emirates at 1.4 percent when compared with the same month of the previous year.
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