Oman among countries with lowest inflation rate: report

muscat
muscat

The Sultanate of Oman ranked among the top five countries in the world in terms of inflation rate, according to a new index prepared by the American magazine VisualCapitalist, and published recently on its website.

The Sultanate came in fifth place in the world in terms of the lowest inflation rates, with an inflation rate of 2.1 percent. South Sudan which has the lowest inflation rate in the world, which stood at -11.6 percent, Macao with an inflation rate of 0.8 percent, China with an inflation rate of 1.8 percent, and Hong Kong with an inflation rate of 1.8 percent.

The report said, that the Sultanate of Oman, oil-producing country, witnessed low inflation, at 2.1%. One reason for this is that the Omani riyal is pegged to the US dollar, keeping the currency anchored. Inflation has remained moderate over the last decade in the country.

It also pointed out that for South Sudan, political instability and violence led to lower growth and inflation, which reached  -11.6% last December, and while the country is facing an acute humanitarian crisis, it has the lowest inflation rate worldwide.

It stated that the lowest inflation rates around the world are found in Asia, including Macau, China, Hong Kong and Taiwan, explaining that in this region, large-scale lockdowns due to COVID-19 have strained growth and consumer spending, which has reduced inflationary pressures. Last year, Chinese consumers saved $2.2 trillion.

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