Over the 12 months to August 2018, GCC consumer prices rose by 4.8%
Issue date: 15 October 2018
Over the 12 months to August 2018, Price change for consumer goods and services (excluding housing)[1] in the Gulf Cooperation Council countries rose by 4.8%, according to figures released today by GCC-Stat, the Statistical Center for the Cooperation Council of the Arab Countries of the Gulf.
The biggest increases were for Tobacco 20.8%, Transport 12.0%, Restaurant & Hotels by 6.8%, Recreation 4.9%, Food 4.1%, Education 3.4%, Health 2.8%, Furnishings 1.9%, Communication 1.8%, Miscellaneous 1.4%, On the other hand, Clothing and Footwear fell by -1.0%.
In terms of contributions to the 4.8 percent annual increase, Transport contributed 1.9 percentage points, Food 1.1 percentage points, Restaurant & Hotels 0.5 percentage points, Education 0.3 percentage points, “Tobacco”, “Furnishings”, and “Recreation” 0.2 percentage points each, “Health”, “Communication” and “Miscellaneous” 0.1 percentage points each. In contrast, The Clothing and Footwear contributed by -0.1 percentage points.
Over the 12 months to August 2018, the country contributions to overall GCC consumer price change were UAE 2.6 percentage points, Saudi Arabia 1.9 percentage points, Bahrain, Oman, Qatar and Kuwait contributed 0.1 percentage points each.
GCC overall consumer price have increased in August 2018 compared with the previous month by 0.1%. The most significant price rises during August 2018 were in “Transport”, “Education”, and “Restaurant & Hotels” by 0.5% each, Recreation 0.2%, “Furnishings” and “Communication” 0.1% each. In contrast, Miscellaneous fell by -0.3%, “food”, “Clothing” and “Health” by -0.1% each. While there is no change in Tobacco group prices compared with the previous month.
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Table 1. Aggregate GCC inflation |
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Index points, 2007=100 |
Change, Percent |
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Main Groups |
Weights |
August 2017 |
July 2018 |
August 2018 |
August 2018 / July 2018 |
August 2018 / August 2017 |
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Food and beverage |
24.0% |
143.9 |
149.9 |
149.8 |
-0.1 |
4.1 |
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Tobacco |
0.7% |
231.5 |
279.6 |
279.6 |
0.0 |
20.8 |
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Clothing and footwear |
7.5% |
111.0 |
110.0 |
109.9 |
-0.1 |
-1.0 |
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Furnishings, household equipment |
10.5% |
132.5 |
134.9 |
135.0 |
0.1 |
1.9 |
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Health |
2.7% |
117.2 |
120.5 |
120.4 |
-0.1 |
2.8 |
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Transport |
16.8% |
124.8 |
139.1 |
139.8 |
0.5 |
12.0 |
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Communication |
9.5% |
92.9 |
94.5 |
94.5 |
0.1 |
1.8 |
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Recreation and culture |
5.2% |
110.9 |
116.1 |
116.3 |
0.2 |
4.9 |
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Education |
7.4% |
151.3 |
155.7 |
156.5 |
0.5 |
3.4 |
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Restaurants and hotels |
7.5% |
136.2 |
144.8 |
145.4 |
0.5 |
6.8 |
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Miscellaneous |
8.3% |
135.1 |
137.4 |
136.9 |
-0.3 |
1.4 |
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All Groups Excluding Housing |
100.0 |
129.6 |
135.6 |
135.8 |
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0.1 |
4.8 |
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GCC CONSUMER PRICE CHANGE, AUGUST 2018
KEY POINTS: August 2017 TO August 2018
THE GCC ALL GROUPS EXCLUDING HOUSING
- The GCC CPI rose 4.8% over the twelve months, compared with increase of 4.7% in July 2018/ July 2017.
- The most significant price rises over the twelve months were for Tobacco 20.8%, Transport 12.0%, Restaurant & Hotels by 6.8%, Recreation 4.9%, Food 4.1%, Education 3.4%, Health 2.8%, Furnishings 1.9%, Communication 1.8%, Miscellaneous 1.4%, On the other hand, Clothing and Footwear fell by -1.0%.
CONTRIBUTIONS TO PRICE CHANGE OVER THE 12 MONTHS
- Of the 4.8 percent growth in GCC Consumer Prices over the 12 months to August 2018, the most significant contributors were:
- Transport contributed 1.9 percentage points.
- Food contributed 1.1 percentage points.
- Restaurant & Hotels contributed 0.5 percentage points.
- Education contributed 0.3 percentage points.
- Tobacco, Furnishings and Recreation contributed 0.2 percentage points each.
- Health, Communication and Miscellaneous contributed 0.1 percentage points each.
- Clothing contributed by -0.1 percentage.
- At the country level:
- UAE contributed 2.6 percentage points.
- Saudi Arabia 1.9 percentage points.
- Bahrain 0.1 percentage points.
- Oman 0.1 percentage points.
- Qatar 0.1 percentage points.
- Kuwait 0.1 percentage points.
KEY POINTS: August 2018
THE GCC ALL GROUPS EXCLUDING HOUSING
- GCC consumer price have increased by 0.1% in August 2018/ July 2018.
OVERVIEW OF CPI MOVEMENTS IN August 2018
- The most significant prices increases during August 2018 were in “Transport”, “Education”, and “Restaurant & Hotels” by 0.5% each, Recreation 0.2%, “Furnishings” and “Communication” 0.1% each. In contrast, Miscellaneous fell by -0.3%, “food”, “Clothing” and “Health” by -0.1% each. While there is no change in Tobacco group prices compared with the previous month.
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_aggregate_inflation_-_methodology.pdf
[1] GCC-Stat compiles an aggregate inflation measure for the whole GCC region. This aggregate excludes the “Housing, water, electricity, gas and other related items” group from national indices, for which the data are deemed non-comparable due to methodological differences that significantly hinders cross-country comparisons. The national CPI data are weighted into a GCC aggregate using Purchasing power parity adjusted estimates of relevant national household consumption expenditures.
