Oman’s annual inflation rate reaches 0.62%

The annual inflation rate in the Sultanate of Oman reached 0.62% by the end of December 2023, according to monthly survey data on consumer prices released by the National Centre for Statistics and Information (NCSI).

The inflation rate was driven by the increase in most major components of the Consumer Price Index, particularly the group of food and non-alcoholic beverages, which rose by 2.91%. This increase was mainly due to higher prices of fish and seafood (7.62%), milk, cheese, and eggs (6.26%), vegetables (6.21%), uncategorized food products (5.45%), fruits (4.79%), sugar, jam, honey, and confectionery (3.89%), oils and fats (2.09%), bread and grains (1.62%), and non-alcoholic beverages (0.7%). However, meat prices decreased by 1.36%.

Prices of various personal goods and services increased by 3.35%, while tobacco prices rose by 2.41%. Prices of culture and entertainment, furniture, home equipment, regular household maintenance, health, housing, water, electricity, gas, and other fuels, as well as restaurant and hotel prices, also experienced modest increases. On the other hand, transportation prices decreased by 2.65%, while education, clothing and footwear, and communication prices saw minor decreases.

Compared to November, the inflation rate decreased by 0.19%, attributed to lower prices of transportation (2.11%), furniture, home equipment, regular household maintenance (0.06%), and restaurant and hotel prices (0.02%). However, there were increases in prices of miscellaneous goods and services (0.7%), food and non-alcoholic beverages (0.34%), culture and entertainment (0.11%), and clothing and footwear (0.01%), while prices in other categories remained stable.

The Governorate of North Al Sharqiyah recorded the highest inflation rate at 1.29%, followed by Dhofar Governorate at 1.02%, Al Dhahirah Governorate at 0.78%, South Al Batinah Governorate at 0.66%, Al Buraimi Governorate at 0.6%, North Al Batinah Governorate at 0.57%, Muscat Governorate at 0.55%, Al Musannah Governorate at 0.51%, South Al Sharqiyah Governorate at 0.49%, Al Dakhliyah Governorate at 0.42%, and Al Wusta Governorate at 0.18%.

ONA