GCC annual inflation rates reach 3.8%

30/10/2014 05:58 AST

The annual inflation rates in the GCC region ranged between 1.06 percent and 3.8 percent by the end of August this year, the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) said.

Qatar saw the highest inflation in GCC, with a 3.8 percent increase in prices by the end of August 2014 compared to the same month last year.

Bahrain followed, with a 3.1 percent increase, then Saudi Arabia with 2.8 percent, Kuwait with 2.71 percent, the UAE with 2.42 percent, and Oman with 1.06 percent. In comparison to July 2014, though, inflation rates rose by 0.7 percent in Qatar, 0.4 percent in both Saudi Arabia and the UAE, 0.25 percent in Oman, 0.1 percent in Bahrain, and 0.08 percent in Kuwait.

The report showed an increase of 12.42 percent in tobacco prices in Kuwait. Qatar and Bahrain registered a rise of the housing and utility prices by 7.9 percent and 5.4 percent respectively. Prices of food and beverages increased across the GCC by August 2014. The annual inflation rates in this category were up 2.5 percent in Saudi Arabia, 2.1 percent in Bahrain, 2.06 percent in the UAE, 1.82 percent in Kuwait, 1.51 percent in Oman, and 1.2 percent in Qatar.

Housing and utility prices increased the most, however, among all GCC member states. In Qatar, prices in the category rose 7.9 percent, marking the great increase among other countries. Neither Saudi Arabia nor Qatar registered any decrease in prices through to August 2014, whereas clothing prices in Oman and UAE fell by 1.19 percent and 0.28 percent, respectively.

Saudi Gazette