GCC inflation rate increases by 1.5%

Muscat: The general inflation rate in the GCC countries increased by 1.5 percent by the end of September 2024 compared to the same month of the previous year (2023), according to consumer price data issued by the GCC Statistical Center.

Among GCC countries, Kuwait recorded the highest inflation rate in September 2024 compared to the same month of the previous year, at 2.8 percent, followed by Saudi Arabia at 1.7 percent, Qatar at 0.8 percent, and both Bahrain and Oman at 0.4 percent each.

The annual increase in the GCC general inflation rate is primarily attributed to the rise in housing prices, which recorded a significant increase of 5.7 percent. Additionally, the culture and entertainment category saw a rise of 2.6 percent, followed by goods and services at 1.8 percent, restaurants and hotels at 1.5 percent, and food and beverages, as well as education, at 1.0 percent each.

In contrast, prices decreased in the transportation category by 3.0 percent, furniture and household equipment by 2.3 percent, tobacco by 1.2 percent, communications by 0.9 percent, and clothing and footwear by 0.8 percent, while health prices remained unchanged.