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FINANCIAL NEWS
Oman’s inflation slows to 3.3% in July
21 Sep 2010
(MENAFN) Oman’s Ministry of Economy said that the Sultanate’s inflation has slowed to 3.3 percent year-on-year in July, down from 3.5 percent in the previous month, Reuters reported.
Inflation has fallen sharply from a record high 13.7 percent in June 2008. Prices edged down 0.1 percent month-on-month in July, for their first monthly decline since March, helped by slower growth in food prices and housing costs combined with falls in clothing and personal care items.
Food inflation traditionally climbs during the holy month of Ramadan, which ended in mid-September, when families enjoy larger and more elaborate evening meals after daylight fasting.
The sultanate’s central bank warned in July that it needed to closely watch inflation in the second half as it could put the currency under pressure.
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