(MENAFN) Average inflation rate in Oman is projected at 4.1 percent this year, an increase from 1.1 percent in 2016, which is much lower than the 8 percent inflation for the whole MENA region.
Accordingly, the inflation rate calculated in terms of consumer price index (CPI) will stabilize at almost 3 percent by 2020.
Furthermore, the year on year inflation rate for the Jan-March period of the year was 2.8 percent, which was driven by an increase in transportation costs at 10.8 percent.
The projected increase in the inflation rate is consistent with the removal of subsidies, higher projected interest rates and the debt-financed budget deficit.
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