The consumer price index in Qatar declined 1.4 percent in March compared to the previous month, according to data from the country’s Planning and Statistics Authority. The inflation index reached 106.67 points in March.
The drop was driven by a 4.74 percent decrease in food and beverage prices. Prices for recreation and culture also fell by 5.58 percent during the same period. Costs for restaurants and hotels, as well as furniture and household equipment, decreased by 1.92 percent and 0.34 percent respectively in March compared to February.
In contrast, prices for clothing and footwear rose by 1.88 percent, and transportation costs increased by 0.23 percent. Healthcare and communication costs remained unchanged.
On an annual basis, Qatar’s consumer price index edged up 0.98 percent in March compared to the same month the previous year. This increase was driven by higher prices for recreation and culture (8.48 percent), communication (3.84 percent), education (3.48 percent), food and beverages (2.73 percent), furniture and household equipment (1.28 percent), and miscellaneous goods and services (0.83 percent).Â
Read more: Qatar’s economy grows 2.5 percent in Q1 2022
Prices for clothing and footwear, as well as housing, water, electricity and other fuels, declined year-over-year.
Looking ahead, the International Monetary Fund expects Qatar’s economy to stabilize in the near future after experiencing growth in 2022 due to hosting the FIFA World Cup. The IMF has forecasted 1.9 percent GDP growth for Qatar in 2024, highlighting the country’s resilience to recent global disruptions.
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