GCC inflation rates between 0.4% and 3.67 % by end of January 2015
The inflation rates across the GCC region ranged between 0.40% and 3.67% over a 12-month period through December 2014, according to the latest reports by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
The highest annual inflation rise was registered in the United Arab Emirates with 3.67%, followed by 2.81% in Kuwait, 2.5% in Bahrain, 2.22% in Qatar and 2.2% in Saudi Arabia. Oman registered the lowest rates with 0.40%.
On a monthly basis when comparing the January 2015 figures to the December 2014 figures, the general consumer price index registered an increase of 0.69% in the United Arab Emirates, 0.2% in Bahrain, 0.14% in Qatar. On the other hand the general consumer price index registered a decline by 0.24% in Oman and 0.07% in Kuwait. While the figure in Saudi Arabia remained unchanged.
When compared to January 2014 figures the prices for the Food and Drinks category registered an increase in most of the GCC countries in January 2015. Saudi Arabia saw an increase of 2.1% followed by Kuwait with an increase of 1.45%, Bahrain by 1.2%, Qatar by 0.33%, and the United Arab Emirates by 0.14%. Meanwhile, Oman registered a decline of 1.44%.
Figures showed an increase in Housing and utility prices in all the GCC countries in January 2015 when compared with January 2014 figures. With Bahrain registering an increase of 7.6%, followed by United Arab Emirates with 7.37%, Kuwait by 5.03%, Qatar by 4.51%, Saudi Arabia by 2.7%, and a marginal increase of 0.4% in the Sultanate of Oman.
Price for the Transport category also increased in most GCC countries in January 2015 when compared to the same period in 2014. With Qatar registering an increase of 7.68%, followed by Kuwait with 1.54%, United Arab Emirates by 1.49%, Saudi Arabia 0.5%, and Sultanate of Oman by 0.34%. Meanwhile Bahrain recorder a decline by 0.4%.
As for price growth within different categories of the general consumer price index in each GCC member state for the month of January 2015 compared to January 2014, statistics show an increase of 14.11% and 11.56% in the prices of tobacco in Qatar & Kuwait respectively, while the recreation and culture category prices went up by 9.6% in Saudi Arabia. Housing and utility prices also increased in Bahrain and United Arab Emirates by 7.6% and 7.37% respectively, whereas furniture and household goods category in Oman grew by 6.12%.
In contrast, the major declines in January 2015 when compared to the same period during 2014 were registered in recreation and culture category by 6.32% in Qatar, Food and Drinks category by 1.44% in Oman, Clothing and footwear declined by 0.91% in the United Arab Emirates. Prices for the Transport category declined by 0.4% Bahrain. Meanwhile, Telecommunication prices declined by 0.3% & 0.2% in Saudia Arabia and Kuwait respectively.