Oman's annual inflation rate reaches 0.6%

Muscat: The annual inflation rate in the Sultanate of Oman reached 0.6 percent at the end of November 2023, according to data from the monthly survey of consumer prices issued by the National Centre for Statistics and Information (NCSI).

The inflation rate was driven by an increase in most of the main groups that make up the consumer price index, led by the food and non-alcoholic beverages group, which rose by 2.91 percent due to an increase in the prices of most of the group’s components, led by fish and seafood, by 15.29 percent, and food products not classified under another heading, by 5.07 percent.

Milk, cheese, and eggs were at 4.94 percent, vegetables at 3.95 percent, foodstuffs at 3.21 percent, sugar, jam, honey, and sweets at 3.1 percent, fruits at 2.61 percent, bread and cereals at 1.41 percent, and non-alcoholic beverages at 0.23 percent, while meat prices decreased by 0.37 percent.

The prices of various personal goods and services groups also increased by 2.39 percent, tobacco by 2.35 percent, furniture, fixtures and household equipment, and routine household maintenance by 1.46 percent, culture and entertainment by 1.02 percent, health by 0.28 percent, clothing and shoes by 0.1 percent, and housing, water, electricity, gas, and other fuels by 0.01 percent. While the prices of transportation groups decreased by 1.45 percent, education by 0.57 percent, communications by 0.16 percent, and restaurants and hotels by 0.04 percent.

Compared to October 2023, the inflation rate increased by 0.07 percent, as this is due to an increase in the prices of the food and non-alcoholic beverages groups by 0.30 percent, culture and entertainment by 0.05 percent, and transportation by 0.04 percent, compared to a decrease in the prices of the restaurants and hotels groups by 0.14 percent and miscellaneous personal goods and services by 0.11 percent, furniture, fixtures, household equipment, and regular home maintenance by 0.02 percent, and clothing and shoes by 0.01 percent, while the prices of the rest of the groups stabilised.

The governorates of North Al Sharqiyah and South Al Sharqiyah recorded the highest rate of increase in inflation at 1.05 percent, followed by Al Dhahirah Governorate at 0.95 percent, then Dhofar Governorate at 0.71 percent, North Al Batinah at 0.63 percent, Al Dakhiliyah at 0.57 percent, Muscat at 0.41 percent, and Al Buraimi at 0.13 percent.