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Oman’s Sep inflation weakens to 3.7%

21 Nov 2011

(MENAFN) Oman’s Economy Ministry said that driven by a decline in gold prices in September, the country’s inflation slowed to 3.7 percent in the month from 5.3 percent in August, reported Arab News.

The ministry added that due to a 14.7 percent fall in the price of gold, prices of personal items, including jewelry, dropped 0.3 percent form the previous month, however, food prices, which represent more than 30 percent of the basket, rose 1.3 percent in September following a 0.8 percent increase in August.

It also said that in the current year, inflation would be forecasted to reach 4 percent, whereas economy would be expected to expand 5 percent.

It is worth noting that during September, rents and energy in Oman went up 0.2 percent after they rose 0.4 percent in August.

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