The prices of consumer goods and services in the GCC countries increased over the 12 months to JUNE 2024 by 1.2%

       

Issue date: 28 AUGUST 2024

The prices of goods and consumer services in the Gulf Cooperation Council (GCC) countries increased by 1.2% in June 2024 compared to the same month of the previous year.

According to figures issued today by the Statistical Center of the Cooperation Council for the Arab States of the Gulf, the housing group witnessed an increase of 4.7% compared to the same period of the previous year, the culture and entertainment group 3.1%, the restaurants and hotels 1.8%, the food and beverage 1.3%, the goods and services 0.7%, and the education 0.6%. On the other hand, prices decreased in the health group by -0.7%, the clothing and footwear -0.9%, the tobacco -1.0%, the communications -1.6%, the transportation -2.2%, and the furniture and household equipment -2.4%.

Regarding the contributions of the main groups to the general Gulf inflation in June 2024, the housing group contributed 1.3 percentage points to the total Gulf inflation rate of 1.2%, the food contributed 0.3 percentage points, and each of the culture and entertainment group, the restaurants and hotels group, and the goods and services group contributed 0.1 percentage points each. In contrast, the communications group contributed a negative contribution of -0.1 percentage points, the furniture group -0.2 percentage points, and the transportation group -0.3 percentage points, while the rest of the groups did not record any significant contribution this month.

The center's data indicates that consumer prices in the GCC countries rose in their price level in June 2024 compared to the previous month by 0.1%, and the most important groups that witnessed an increase are as follows: the culture and entertainment group by 0.9%, the housing 0.4%, the goods and services 0.3%, and each of the communications group and the restaurants and hotels group 0.2% each. On the other hand, prices decreased in each of the tobacco group and the clothing and footwear group by -0.1% each, the furniture -0.3%, and the transportation -0.4%, while the prices of the rest of the groups stabilized at their previous levels.

 

 

	Table 1. Aggregate GCC inflation
			Index points, 2018=100				Change, Percent
Main Groups		Weights Percent	June 2023	May 2024	June 2024		June 2024/        May 2024	June 2024/         June  2023
Consumer Price Index		100.0%	108.3	109.5	109.6		0.1	1.2
Food and beverage		17.5%	121.2	122.8	122.8		0.0	1.3
Tobacco		0.5%	118.6	117.6	117.4		-0.1	-1.0
Clothing and footwear		4.5%	102.7	101.9	101.8		-0.1	-0.9
Housing		27.7%	96.8	101.0	101.4		0.4	4.7
Furnishings,		6.9%	107.6	105.3	105.0		-0.3	-2.4
Health		1.5%	104.1	103.4	103.4		0.0	-0.7
Transport		13.2%	117.2	115.0	114.6		-0.4	-2.2
Communication		5.4%	108.2	106.3	106.5		0.2	-1.6
Recreation and culture		3.5%	109.6	112.0	113.0		0.9	3.1
Education		4.1%	105.3	105.9	105.9		0.0	0.6
Restaurants and hotels		5.2%	118.8	120.7	120.9		0.2	1.8
Miscellaneous		10.0%	108.3	108.7	109.0		0.3	0.7

GCC CONSUMER PRICE CHANGE, JUNE 2024

 

 

KEY POINTS: June 2023 to June 2024

 THE GCC CONSUMER PRICE INDEX

• The prices of consumer goods and services (in the Gulf Cooperation Council countries increased by 1.2% over the 12 months to May 2024.
• the housing group increased by 4.7% compared to the same period of the previous year, the culture and entertainment 3.1%, the restaurants and hotels 1.8%, the food 1.3%, the goods and services 0.7%, and the education 0.6%. On the other hand, prices decreased in the health group by -0.7%, the clothing and footwear -0.9%, the tobacco -1.0%, the communications -1.6%, the transportation -2.2%, and the furniture and household equipment -2.4%.

 

 CONTRIBUTIONS TO PRICE CHANGE OVER THE 12 MONTHS

• The most significant contributors to the GCC Inflation were:
  • Housing group contributed 1.3 percentage points.
  • Food 0.3 percentage points.
  • Recreation, Restaurant & Hotels and Goods & Services groups by 0.1 percentage points each.
  • Transport group -0.3 percentage points.
  • Furnishings group contributed -0.2 percentage points.
  • Communication group -0.1 percentage points.
  • While the rest of the groups did not record any contribution this month.

 

KEY POINTS: May 2024 to June 2024

THE GCC CONSUMER PRICE INDEX

• GCC overall consumer price have increased by 0.1% in their price level in June 2024 compared to the previous month.

 

 

OVERVIEW OF CPI MOVEMENTS IN May 2024

• the culture and entertainment group increased by 0.9%, the housing 0.4%, the goods and services 0.3%, and each of the communications group and the restaurants and hotels group 0.2% each. On the other hand, prices decreased in each of the tobacco group and the clothing and footwear group by -0.1% each, the furniture -0.3%, and the transportation
   -0.4%, while the prices of the rest of the groups stabilized at their previous levels.

 

Further information and statistics are available from the GCC-Stat website: http://www.gccstat.org
For more details on the construction of the GCC index of consumer price change, see (https://www.gccstat.org/images/gccstat/docman/Standards/GCC-CPI-Methodology_2020_1.pdf)