The inflation rates across the GCC region ranged between 3.1 per cent and 0.8 per cent last year, according to the latest reports by the Statistical Centre for the Co-operation Council for the Arab Countries of the Gulf (GCC-Stat).

The highest annual inflation rise was registered in the UAE with 3.1 per cent, followed by 3.04 per cent in Kuwait, 2.7 per cent in Qatar, 2.5 per cent in Bahrain and 2.4 per cent in Saudi Arabia. Oman registered the lowest rise of 0.08 per cent, reported the Gulf Daily News, our sister publication.

On a monthly basis when comparing the December 2014 figures to the November figures, the general consumer price index registered an increase of 0.97 per cent in Kuwait, 0.34 per cent in the UAE, 0.2 per cent in Bahrain and 0.1 per cent in Saudi Arabia.

On the other hand, it registered a decline by 0.3 per cent in Qatar and 0.08 per cent in Oman.

When compared to December 2013, foods and drinks prices registered an increase in most of the GCC countries by December 2014.

Bahrain and Saudi Arabia registered an increase of 2.6 per cent, followed by Kuwait with an increase of 2.57 per cent, Oman by 0.22 per cent, the UAE by 1.33 per cent. Qatar registered a decline of 0.4 per cent.

Figures showed an increase in housing and utility prices in all the GCC countries in December last year when compared with 2013 figures.

Qatar registered an increase of 7.3 per cent, Bahrain by 6.1 per cent, the UAE by 5.39 per cent, Kuwait by 5.03 per cent, Saudi Arabia by 2.5 per cent, and a marginal increase by 0.38 per cent in Oman.

Transport prices also increased in the GCC last year when compared with 2013.

The UAE registered an increase of 1.82 per cent, followed by Kuwait by 1.54 per cent, Saudi Arabia by 1.5 per cent, Qatar by 1.2 per cent, Bahrain by 0.5 per cent and Oman by 0.31 per cent.

The main consumer price categories in each of the GCC member state, statistics show an annual increase of 11.84 per cent in the prices of tobacco in Kuwait, while the recreation and culture prices went up by 9 per cent in Saudi Arabia.

Housing and utility prices also increased in Qatar and the UAE by 7.3 per cent and 5.39 per cent respectively, whereas health services increased by 6.6 per cent in Bahrain, and furniture and household goods in Oman grew by 5.8 per cent.

In contrast, the major declines in December 2014 when compared to the same period during 2013 were registered in clothing and footwear by 1.03 per cent in Oman, 0.64 per cent in the UAE and 0.15 per cent in Kuwait.

Telecommunication prices declined by 1 per cent in Bahrain and 0.5 per cent in Saudi Arabia.

Meanwhile, goods and drinks and tobacco prices declined by 0.4 per cent in Qatar. – TradeArabia News Service