Oman records lowest October inflation in GCC

(MENAFN- Muscat Daily) Inflation rates across the GCC region ranged between 1.02 per cent and 3.11 per cent in October 2014 when compared to October 2013 according to a report by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat). 

According to the report published by GCC-Stat the UAE recorded the highest inflation rate among GCC member states registering an increase of 3.11 per cent followed by three per cent in both Kuwait and Qatar 2.6 per cent in Saudi Arabia 2.5 per cent in Bahrain while Oman registered the lowest inflation rates of 1.02 per cent.

When compared to the month of September 2014 the October 2014 inflation rates showed a slight increase of 0.2 per cent in Saudi Arabia 0.11 per cent in UAE 0.1 per cent in both Oman and Qatar while prices in Bahrain and Kuwait remained stable. Food and beverages prices also showed an increase over the 12-month period in most GCC member states where prices for this group increased by 3.72 per cent in UAE 3.5 per cent in Saudi Arabia 2.9 per cent in Bahrain 2.58 per cent in Kuwait and 1.04 per cent in Oman. Meanwhile Qatar was the only GCC country where prices for food and beverages decreased in October 2014 by 0.6 per cent when compared to October 2013.

Pan-GCC figures showed that prices for housing water electricity gas and other types of fuel witnessed the highest increase with Qatar witnessing an increase of 8.2 per cent followed by 5.2 per cent in Bahrain 4.44 per cent in Kuwait 4.17 per cent in the United Arab Emirates 2.8 per cent in Saudi Arabia and slight increase of 0.24 per cent in Oman.

Transportation prices however showed an increase in all the GCC countries where it increased by 2.1 per cent in Bahrain 2.04 per cent in Kuwait 1.7 per cent in Qatar 1.5 per cent in UAE 1.3 per cent in Saudi Arabia and 0.51 per cent in Oman.