Oman’s inflation takes a dip: latest figures and key highlights

Annual inflation rate decreased to 0.69 percent in June
Oman’s inflation takes a dip: latest figures and key highlights
Inflation eases in Oman

Oman’s annual inflation rate decreased to 0.69 percent in June. It was a slight decrease from the previous month’s rate of 0.9 percent. The data comes from Oman’s National Center for Statistics and Information (NCSI).

The inflation in Oman was primarily influenced by noticeable increases in key components of the consumer price index, particularly in food and beverages, which experienced a significant surge of 2.18 percent.

Read more: Oman’s banking sector booms in H1 with record-high profits of OMR235.3 mn

The main contributing factor to this trend was the notable price increases observed in various food categories, particularly dairy products and eggs, which saw a substantial growth of 9.78 percent. Additionally, seafood prices also witnessed a significant rise of 5.19 percent in June.

Several other products experienced price hikes as well. Cooking oils and fats saw an increase of 4.81 percent, while fruit, bread, and cereals went up by 4.3 percent and 2.34 percent, respectively.

On the other hand, the report indicated that meat prices saw a slight decrease of 0.12 percent, while vegetable prices experienced a more significant reduction of 5.65 percent.

Furthermore, there were price increases observed in other sectors as well. The hospitality sector saw a rise of 3.68 percent, while home furnishings and maintenance experienced an increase of 2.93 percent. Additionally, miscellaneous goods and services witnessed a growth of 2.33 percent.

Tobacco prices saw a rise of 2.11 percent, while prices in the culture and entertainment sector increased by 1.73 percent.

In addition, the healthcare sector in the country experienced a price increase of 1.28 percent. Furthermore, apparel and footwear prices increased by 0.56 percent. The education sector also saw a slight rise of 0.05 percent.

The utility segment witnessed a slight increase of 0.02 percent. However, the transportation sector saw a decrease in prices by 1.74 percent, while the communication sector experienced a decrease of 0.22 percent.

Inflation by governorate

Among all the governorates in Oman, Al-Buraimi recorded the highest inflation rate at 1.3 percent. Conversely, both North Al-Sharqiyah and South Al-Sharqiyah reported the lowest inflation rate at 0.2 percent. Muscat experienced a slight increase in inflation at 1 percent, while Al-Dakhiliyah and Dhofar governorates each recorded an inflation rate of 0.7 percent. Al-Dhahirah followed closely with a 0.6 percent inflation rate, and North Al-Batinah registered 0.4 percent.

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