Consumer Prices In GCC Countries Go Up By 4.6 Percent

Muscat: Price change for consumer goods and services (excluding housing) in the Gulf Cooperation Council (GCC) countries rose by 4.6 percent over the 12 months period to September 2018, according to figures released today by the Statistical Center for the Gulf Cooperation Council (GCC-Stat).

The biggest increases were for tobacco 21.0 per cent, transport 10.4 per cent, restaurant and hotels by 6.7 per cent, food 4.1 per cent, recreation 3.3 per cent, furnishings 3.2 per cent, health 2.7 per cent, education 2.4 per cent, communication 1.7 per cent, miscellaneous 1.0 per cent, and clothing and footwear 0.6 per cent.

In terms of contributions to the 4.6 percent annual increase, transport contributed 1.7 percentage points, food 1.1 percentage points, restaurant, and hotels 0.5 percentage points, furnishings 0.3 percentage points, tobacco and education, 0.2 percentage points each, health, communication, recreation and miscellaneous 0.1 percentage points each.

Over the 12 months to September 2018, the country contributions to overall GCC consumer price change were UAE 2.2 percentage points, Saudi Arabia 2.1 percentage points, Kuwait 0.1 percentage points, Bahrain, Oman and Qatar contributed 0.2 percentage points.

GCC overall consumer prices have decreased in September 2018 compared with the previous month by -0.2 percent. The most significant price decrease during September 2018 was in Recreation -2.2 percent, transport -1.1 percent, miscellaneous -0.7 percent, communication and restaurant, and hotels by -0.1 percent each. In contrast, clothing” and education increased by 0.6 percent each, food and furnishings 0.3 percent each and tobacco by 0.1 percent, while there was no change in prices of health group compared with the previous month.

Originally published on wwwtimesofoma.com