GCC consumer prices jump by 4.2 per cent in October

Muscat: Over the 12 months to October 2018, price change for consumer goods and services (excluding housing) in the Gulf Cooperation Council (GCC) countries rose by 4.2 per cent, according to figures released yesterday by the GCC Statistical Centre.
The biggest increases were registered for tobacco 10.2 per cent, transport 9.1 per cent, restaurant and hotels by 6.5 per cent, food 4.2 per cent, recreation 3.2 per cent, furnishings 3.1 per cent, health 2.6 per cent, education 2.0 per cent, communication 1.6 per cent, miscellaneous 0.8 per cent, and clothing and footwear 0.7 per cent.
In terms of contributions to the 4.2 per cent annual increase, transport contributed 1.5 per cent, food 1.1 per cent, restaurant and hotels 0.5 per cent, furnishings 0.3 per cent, education 0.2 per cent, “tobacco”, “health”, “communication”, “recreation” and “miscellaneous” 0.1 per cent each.
Over the 12 months till October 2018, the country contributions to overall GCC consumer price change were Saudi Arabia 2.3 per cent, UAE 1.7 per cent, the Sultanate and Kuwait 0.1 per cent each while there is no contribution recorded in Bahrain and Qatar this month.
The GCC overall consumer price decreased in October 2018 compared with the previous month by -0.2 per cent. The most significant price decrease during October 2018 were in transport -0.9 per cent, miscellaneous -0.3 per cent, furnishings -0.2 per cent, “clothing”, “health” and “restaurant and hotels” by -0.1 per cent each. In contrast, “Food” and “Education” prices increased by 0.2 per cent each while there is no change in prices of “Tobacco”, “Communication” and “Recreation” compared with the previous month.
The most significant price decrease during October 2018 were in transport -0.9 per cent, miscellaneous -0.3 per cent, furnishings -0.2 per cent, “clothing”, “health” and “restaurant and hotels” by -0.1 per cent each. In contrast, “Food” and “Education” prices increased by 0.2 per cent each while there is no change in prices of “Tobacco”, “Communication” and “Recreation” compared with the previous month.