Oman’s inflation rate increases by 2.8% in 2022

Muscat: The inflation rate in the Sultanate of Oman increased by 2.8% in 2022 as the Consumers Price Index (CPI) registered 109.7 points compared to 106.7 points in 2021, according to the data issued by the National Centre for Statistics and Information (NCSI).

The data indicated a rise in the prices of main groups in 2022 in varying rates. A rise was recorded in in the main groups of housing, water, electricity, gas and other fuels by 1.1%, transport by 3.9%, food and non-alcoholic beverages by 5.2%, clothing and footwear by 1.3%, restaurants and hotels by 2.1%, furniture, household equipment and routine household maintenance by 1.3%, recreation and culture by 1.6%, education by 3.8%, miscellaneous goods and services by 2.1%, health by 3.1% and tobacco by 0.6%. Meanwhile, prices of the communications group stabilized without change.

As far as products are concerned, oils and fats recorded the highest contribution rate to the rise in the CPI by 16%, followed by fuels and oils for personal transport equipment by 9.2%, kindergarten by 6.4% and spending on hotels by 5.5%.

The Governorate of Al Buraimi recorded the highest inflation rate by 3.6%, while the Governorate of Muscat recorded the lowest rate of 2.4%.

Producers Price Index (PPI) in Oman recorded an increase by 36.4% during 2022, registering 167.8 points compared to 123 points in 2021.

Prices of oil and gas products lead the rise by registering a growth by 44.1%. Non-oil products recorded an increase by 3.8%.

Moreover, prices of crude oil and natural gas went up by 47% and the prices of refined oil increased by 28.2%.

A rise was also recorded in the prices of products of mining, electricity and water by 1.3% and converting industries by 4.5%. – ONA