GCC consumer prices rise by 1.3 per cent

Muscat: GCC countries have posted a 1.3 per cent growth in inflation based on consumer price index for the 12-month period ending October, 2017, according to figures released by GCC-Stat, the Statistical Centre for Gulf Cooperation Council (GCC) states.
The highest rise in prices were recorded for tobacco at 80.5 per cent, miscellaneous 3.7 per cent, education 3 per cent and transport 2 per cent. On the other hand, recreation fell by 3.7 per cent; clothing and footwear fell by 1.4 per cent, and restaurant by 0.4 per cent.
In terms of contributions to the 1.3 per cent annual increase, tobacco contributed 0.6 percentage points; transport and miscellaneous 0.3 percentage points each; and education 0.2 percentage points.
In contrast, the recreation group contributed negatively by 0.2 percentage points and clothing by 0.1 percentage points.
Over the 12 months ending in October 2017, the country-wise contributions to the overall GCC consumer price change were UAE (1 percentage point), Kuwait (0.2 percentage points), Bahrain, Oman and Qatar (0.1 percentage point each), while Saudi Arabia recorded a negative contribution of a negative 0.1 percentage point.
The GCC consumer price has slightly increased in October 2017 by 0.3 per cent, compared with the previous month.
The most significant price rises during October 2017 were for tobacco with 9.7 per cent, education with 0.8 per cent, recreation with 0.7 per cent, and clothing and footwear with 0.6 per cent.
In contrast, miscellaneous fell by 0.2 per cent.