Oman’s annual inflation rate reaches 0.62% by December 2023

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central market

Annual Inflation Rate in Oman Reaches 0.62% by December 2023

Muscat: The annual inflation rate in the Sultanate of Oman reached 0.62% by the end of December 2023, according to data issued by the National Center for Statistics and Information (NCSI).

The inflation rate was driven by the increase in most of the main groups comprising the Consumer Price Index (CPI), including the food and non-alcoholic beverages group 2.91.

The food and non-alcoholic beverages main group’s rise was driven by the increase in the prices of fish and seafood 7.62 percent, milk, cheese, and eggs by 6.26 percent, and vegetables by 6.21 percent, food that is not classified under another other categories 5.45 percent, fruits at 4.79 percent, sugar, jam, honey, and sweets at 3.89 percent, oils and fats at 2.09 percent, bread and grains 1.62 percent, and non-alcoholic drinks at 0.7 percent, the prices of meats went down by 1.36 percent.

Moreover, several main groups also increased, such as the groups of personal goods and services by 3.35 percent, tobacco by 2.41 percent, culture and entertainment by 1.65 percent, furniture, household equipment, and routine household maintenance by 1.56 percent, health by 0.34 percent, housing, water, electricity, gas and other types of fuel by 0.34 percent, and restaurants and hotels by 0.05 percent.

Further, the prices of the following main groups went down: transport by 2.65 percent, education by 0.41 percent, clothes and footwear by 0.25 percent, and communications by 0.24 percent.

Compared to the month of November 2023, the inflation rate decreased by 0.19 percent, this is driven by the drop in the prices of the transport by 2.11 percent, furniture, household equipment and routine household maintenance by 0.06 percent, restaurants and hotels by 0.02 percent.

Meanwhile, the following groups increased: miscellaneous goods and services by 0.7 percent, food and non-alcoholic beverages 0.34 percent, culture and entertainment 0.11 percent, and clothes and footwear 0.01 percent. Prices remained stable in other groups.

As far as governorates are considered, rises in the inflation rate was recorded as follows: the North Al Sharqiyah Governorate 1.29 percent, followed by Dhofar Governorate with 1.02 percent, Al Dhahirah Governorate with 0.78 percent, South Al Batinah Governorate with 0.66, then Al Buraimi Governorate with 0.6 percent, North Al Batinah Governorate with 0.57 percent, Muscat Governorate with 0.55 percent, Musandam Governorate with 0.51 percent, South Al Sharqiyah Governorate with 0.49 percent, Al Dakhiliyah Governorate with 0.42 percent, and Al Wusta Governorate with 0.18 percent.

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