Oman's central bank governor urged the government to control spending and people to save more as inflation in February jumped to 11.1 percent, spurred by higher food prices.
'Oman needs to slow economic expansion, on money we spend on big projects,' executive president Hamood Sangour al-Zadjali told Reuters on Sunday.
'For private people like you and I, we need to reduce our personal spending and save more money,' he said on the sidelines of an investment conference in the Omani capital, Muscat. 'That way, we can reduce consumption demand and reduce inflation. There is no other way.'
Meanwhile, Oman's Economy Minister Ahmad bin Abdul-Nabi Mekki said inflation in the sultanate is likely to stay relatively high for the foreseeable future.
'There is not quick fix,' told Reuters. 'Inflation will take its natural course in 2008,' he said, without being more specific.
'We took measures of reducing imports and we also we requested wholesalers to reduce prices,' he said. - Reuters