Over the 12 months to November 2018, GCC consumer prices rose by 4.3%

 

 

Issue date: 7 January 2019

Over the 12 months to November 2018, Price change for consumer goods and services (excluding housing)[1] in the Gulf Cooperation Council countries rose by 4.3%, 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 10.2%, Transport 9.1%, Restaurant & Hotels by 6.7%, Food 4.3%, Furnishings 3.4%, Health 2.6%, Recreation 2.5%, Education 1.9%, Communication 1.6%, Clothing and Footwear 1.4%, and Miscellaneous 1.0%.

In terms of contributions to the 4.3 percent annual increase, Transport contributed 1.5 percentage points, Food 1.1 percentage points, Restaurant & 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%. The most significant price decrease during November 2018 were in Recreation group by -0.9%, Furnishings and Transport by -0.3% each, and Food -0.1%. In contrast, Clothing prices increased by 0.3%, “Restaurant & Hotels” and “Miscellaneous” 0.1% each, while there is no change in prices of “Tobacco”, “Health”,  “Communication” and “Education” compared with the previous month.

 

	Table 1. Aggregate GCC inflation
			Index points, 2007=100				Change, Percent
Main Groups		Weights Per cent	November 2017	October 2018	November 2018		November 2018 /     October 2018	November 2018 /      November 2017
Food and beverage		24.0%	144.1	150.5	150.3		-0.1	4.3
Tobacco		0.7%	254.0	279.9	279.9		0.0	10.2
Clothing and footwear		7.5%	109.2	110.4	110.8		0.3	1.4
Furnishings, household equipment		10.5%	130.3	135.1	134.7		-0.3	3.4
Health		2.7%	117.3	120.3	120.3		0.0	2.6
Transport		16.8%	125.2	136.9	136.5		-0.3	9.1
Communication		9.5%	92.9	94.4	94.4		0.0	1.6
Recreation and culture		5.2%	109.9	113.8	112.7		-0.9	2.5
Education		7.4%	154.8	157.8	157.8		0.0	1.9
Restaurants and hotels		7.5%	136.2	145.2	145.4		0.1	6.7
Miscellaneous		8.3%	134.4	135.6	135.7		0.1	1.0
All Groups Excluding Housing		100.0	129.6	135.3	135.2		-0.1	4.3

GCC CONSUMER PRICE CHANGE, November 2018

 

 

 

KEY POINTS: November 2017 TO November 2018

 THE GCC ALL GROUPS EXCLUDING HOUSING

• The GCC non-Housing Inflation rose 4.3% over the twelve months, compared with increase of 4.2% in October 2018 over the twelve months.
• The most significant price rises over the twelve months were for Tobacco 10.2%, Transport 9.1%, Restaurant & Hotels by 6.7%, Food 4.3%, Furnishings 3.4%, Health 2.6%, Recreation 2.5%, Education 1.9%, Communication 1.6%, Clothing and Footwear 1.4%, and Miscellaneous 1.0%.

 

 CONTRIBUTIONS TO PRICE CHANGE OVER THE 12 MONTHS

• Of the 4.3 percent growth in GCC Consumer Prices over the 12 months to November 2018, the most significant contributors were:
  • Transport contributed 1.5 percentage points.
  • Food contributed 1.1 percentage points.
  • Restaurant & Hotels contributed 0.5 percentage points.
  • Furnishings contributed 0.4 percentage points.
  • Education contributed 0.2 percentage points.
  • Tobacco, Clothing and Footwear, Health, Communication, Recreation and Miscellaneous contributed 0.1 percentage points each.

 

• At the country level:
  • Saudi Arabia contributed 2.5 percentage points.
  • UAE 1.6 percentage points.
  • Oman and Kuwait 0.1 percentage points each.
  • There is no contribution in Bahrain and Qatar were recorded this month.

 

KEY POINTS: November 2018

THE GCC ALL GROUPS EXCLUDING HOUSING

• GCC consumer price have decreased by -0.1% in November 2018 compared with the previous month.

OVERVIEW OF CPI MOVEMENTS IN November 2018

• The most significant price decrease during October 2018 were in Recreation group by
   -0.9%, Furnishings and Transport by -0.3% each, and Food -0.1%. In contrast, Clothing prices increased by 0.3%, “Restaurant & Hotels” and “Miscellaneous” 0.1% each, while there is no change in prices of “Tobacco”, “Health”,  “Communication” and “Education” 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.