Over the 12 months to October 2017, GCC consumer prices rose by 1.3 percent

Over the 12 months to October 2017, Price change for consumer goods and services (excluding housing)[1] in the Gulf Cooperation Council countries rose by 1.3 percent, 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 80.5%, Miscellaneous 3.7%, Education 3.0%, and Transport 2.0%. On the other hand, Recreation fell by -3.7%, as well as Clothing and Footwear fell -1.4% and Restaurant by -0.4%.

In terms of contributions to the 1.3 percent annual increase, Tobacco contributed 0.6 percentage points, Transport and Miscellaneous 0.3 percentage points each, Education 0.2 percentage points, in contrast, The Recreation group contributed by -0.2 percentage points and Clothing by -0.1 percentage points.

Over the 12 months to October 2017, the country contributions to overall GCC consumer price change were UAE 1.0 percentage points, Kuwait 0.2 percentage points, Bahrain, Oman and Qatar 0.1 percentage points each, while, Saudi Arabia recorded a negative contribution -0.1 percentage points.

GCC consumer price have slightly increased in October 2017 by 0.3% compared with the previous month. The most significant price rises during October 2017 were in Tobacco 9.7%, Education 0.8%, Recreation 0.7% and Clothing and Footwear 0.6%. In contrast, Miscellaneous fell by -0.2%.

 

GCC CONSUMER PRICE CHANGE, October 2017

	Table 1. Aggregate GCC inflation
			Index points, 2007=100				Change, Percent
Main Groups		Weights Per cent	October 2016	September 2017	October 2017		October 2017 / September 2017	October 2017 / October 2016
Food and beverage		25.1	145.9	146.3	146.3		0.0	0.3
Tobacco		0.5	182.2	299.9	328.9		9.7	80.5
Clothing and footwear		8.6	115.4	113.2	113.8		0.6	-1.4
Furnishings, household equipment		10.5	136.5	136.5	136.7		0.2	0.1
Health		2.7	121.5	121.9	122.2		0.3	0.6
Transport		16.8	123.3	125.6	125.7		0.1	2.0
Communication		8.9	95.3	95.5	95.6		0.2	0.3
Recreation and culture		5.1	122.2	116.9	117.7		0.7	-3.7
Education		6.3	156.2	159.7	160.9		0.8	3.0
Restaurants and hotels		6.8	133.7	132.9	133.2		0.3	-0.4
Miscellaneous		8.8	131.8	137.0	136.7		-0.2	3.7
All Groups Excluding Housing		100.0	130.9	132.2	132.6		0.3	1.3

 

KEY POINTS: OCTOBER 2016 TO OCTOBER 2017

 THE GCC ALL GROUPS EXCLUDING HOUSING

• Rose 1.3 percent over the twelve months, increase from the 0.9% rise over the period September 2016 to September 2017.
• The most significant price rises over the twelve months were for Tobacco 80.5%, Miscellaneous 3.7%, Education 3.0%, and Transport 2.0%. On the other hand, Recreation fell by -3.7%, as well as Clothing and Footwear fell -1.4% and Restaurant by -0.4%.

 

 CONTRIBUTIONS TO PRICE CHANGE OVER THE 12 MONTHS

• Of the 1.3 percent growth in GCC Consumer Prices over the 12 months to October 2017, the most significant contributors were:
  • Tobacco contributed 0.6 percentage points.
  • Transport and Miscellaneous contributed 0.3 percentage points each.
  • Education contributed 0.2 percentage points.
  • Recreation by -0.2 percentage points and Clothing -0.1 percentage points.
• At the country level:
  • UAE contributed 1.0 percentage points.
  • Kuwait 0.2 percentage points.
  • Bahrain 0.1 percentage points.
  • Oman 0.1 percentage points.
  • Qatar 0.1 percentage points.
  • Saudi Arabia recorded a negative contribution -0.1 percentage points.

 

KEY POINTS: OCTOBER 2017


THE GCC ALL GROUPS EXCLUDING HOUSING

• GCC consumer price have slightly increased in October 2017 by 0.3% compared with the previous month.

OVERVIEW OF CPI MOVEMENTS IN OCTOBER 2017

• The most significant price rise this month are Tobacco 9.7%, Education 0.8%, Recreation 0.7% and Clothing and Footwear 0.6%.
• The most significant offsetting price declines this month were Miscellaneous by -0.2%.

 

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 (http://gccstat.org/en/elibrary/publications/gccstat/item/aggregate-gcc-inflation)

 

[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.