GCC consumer prices rise 4.3 pc in November 2018

MUSCAT: Over the 12 months to November 2018, Price change for consumer goods and services (excluding housing) in the Gulf Cooperation Council (GCC) countries rose by 4.3 per cent, according to figures released on Thursday by the Statistical Centre for the Cooperation Council of the Arab Countries of the Gulf (GCC-Stat).
The biggest increases were for Tobacco 10.2 per cent, Transport 9.1 per cent, Restaurant & Hotels by 6.7 per cent, Food 4.3 per cent, Furnishings 3.4 per cent, Health 2.6 per cent, Recreation 2.5 per cent, Education 1.9 per cent, Communication 1.6 per cent, Clothing and Footwear 1.4 per cent, and Miscellaneous 1.0 per cent.
In terms of contributions to the 4.3 per cent annual increase, Transport contributed 1.5 percentage points, Food 1.1 percentage points, Restaurant and Hotels 0.5 percentage points, Furnishings 0.4 percentage points, Education 0.2 percentage points, ‘Tobacco’, ‘Clothing and Footwear’, ‘Health’, ‘Communication’, ‘Recreation’ and ‘Miscellaneous’ 0.1 percentage points each.
Over the 12 months to November 2018, the country contributions to overall GCC consumer price change were Saudi Arabia 2.5 percentage points, UAE 1.6 percentage points, Oman and Kuwait 0.1 percentage points each, while there is no contribution recorded in Bahrain and Qatar this month.
GCC overall consumer price have decreased in November 2018 compared with the previous month by -0.1 per cent.
The most significant price decrease during November 2018 were in Recreation group by -0.9 per cent, Furnishings and Transport by -0.3 per cent each, and Food -0.1 per cent. In contrast, Clothing prices increased by 0.3 per cent, ‘Restaurant and Hotels’ and ‘Miscellaneous’ 0.1 per cent each, while there is no change in prices of ‘Tobacco’, ‘Health’, ‘Communication’ and ‘Education’ compared with the previous month. — ONA