Muscat: The GCC Statistical Center announced on Monday that consumer price data showed an increase in the average inflation rate in GCC countries by the end of September 2024 by 1.5 percent, compared to the same month in 2023.
According to Kuwait News Agency, the increase was mainly attributed to the prices of the housing category, which recorded an increase of 5.7 percent, followed by the culture and entertainment category with 2.6 percent. The commodities and services category experienced a rise of 1.8 percent, while the restaurants and hotels category saw a 1.5 percent increase. The food and beverage category, alongside the education category, both noted a one percent rise.
The report also highlighted decreases in several categories: transportation prices fell by three percent, the furniture and household equipment category by 2.3 percent, tobacco by 1.2 percent, communications by 0.9 percent, and clothing and footwear by 0.8 percent. Meanwhile, the prices in the health category remained stable.
Kuwait recorded the highest inflation rate among the GCC countries during last September, compared to the same month in 2023, reaching 2.8 percent. This was followed by Saudi Arabia with 1.7 percent, Qatar with 0.8 percent, and Bahrain and Oman with 0.4 percent each.
The report noted that the general Gulf inflation rate was lower than the European Union's inflation rate of 2.1 percent and was also lower than many of the GCC's main trading partners in terms of total commodity imports. Brazil recorded the highest inflation rate last September at 4.4 percent, followed by India with 4.2 percent, the United Kingdom with 2.6 percent, Japan with 2.5 percent, the United States with 2.4 percent, and both Germany and South Korea with 1.6 percent each.
The Muscat-based Center is the official body accredited for data, information, and statistics related to the GCC countries, in addition to enhancing the work of national statistical centers and planning agencies in member states.