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FINANCIAL NEWS
Oman’s inflation soars to 3.5% in June
09 Aug 2010
(MENAFN) A statement from the Omani Ministry of National Economy said that the country’s inflation climbed to an eight-month high of 3.5 percent in June, compared to 3.2 percent in the previous month and 2.9 percent in June of 2009, Times of Oman reported.
The ministry attributed this jump to the surging prices of fish and milk, which soared by 13 percent.
Central Bank of Oman Executive President Hamoud Sangour Al Zadjali in April said that the country?s annual inflation could reach four to five percent this year due to imported price pressures.
The annual inflation rate in Oman, which pegs its currency to the US dollar, peaked to 13.7 percent in June of 2008 amid imported price pressures, but has steadily retreated thereafter.
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