Qatar tops GCC inflation increase at 3.4pc
Manama, July 13, 2014
The inflation rates across the GCC region ranged between 1.5 per cent and 3.4 per cent over a 12-month period through May this year, according to the latest reports by GCC-Stat.
The latest inflation figures over the 12-month period reveal that Qatar topped the list with 3.4 per cent, followed by 2.9 per cent in Kuwait, 2.7 per cent in Saudi Arabia, 2.1 per cent in the UAE, 1.9 per cent in Bahrain, and 1.5 per cent in Oman, reported the Gulf Daily News, our sister publication, citing GCC-Stat.
When compared to April figures, inflation rates witnessed a slight increase of 0.2 per cent in the UAE, Oman and Kuwait, while 0.5 per cent increase was registered in Qatar and 0.1 per cent in Saudi Arabia.
Meanwhile, inflation figures in Bahrain for May remained stable when compared to the figures of April.
As for price growth within groups of the general consumer price index in each GCC member state, figures revealed an increase over the 12-month period through May 2014 as follows: furniture and household goods increased by 4.7 per cent, 5.2 per cent and 7.4 per cent in the UAE, Kuwait and Oman respectively, while education in Bahrain increased by 5 per cent.
Meanwhile, tobacco prices in Saudi Arabia grew by 6.4 per cent, whereas housing and energy costs increased in Qatar by 7 per cent.
On the other hand, figures showed a decrease in other groups whereby communication in Bahrain showed a 0.6 per cent decrease, communication and transportation in Saudi Arabia went down by 0.9 per cent, recreation and culture category in Oman decreased by 0.8 per cent, while prices for miscellaneous goods and services decreased in Qatar and Kuwait by 0.6 per cent and 1.5 per cent in the same order.
The overall figures revealed an increase in prices of furniture and household goods through May this year where Oman came first with 7.4 per cent, followed by Qatar with 5.4 per cent, then 5.2 per cent in Kuwait, 4.7 per cent in the UAE and Saudi Arabia, while prices in Bahrain witnessed a slight increase of 1 per cent.
In contrast, the telecommunication group showed a decrease in three countries: 0.6 per cent in Bahrain, 0.9 per cent in Saudi Arabia and 1.1 per cent in Kuwait.
The transportation group prices decreased by 0.7 per cent in Oman and 0.9 per cent in Saudi Arabia. Meanwhile, prices of miscellaneous goods and services in Qatar and Kuwait went down by 0.6 per cent and 1.5 per cent respectively. – TradeArabia News Service