Over the 12 months to August 2017, GCC consumer prices rose by 1.0 percent

 

Over the 12 months to August 2017, Price change for consumer goods and services (excluding housing)[1] in the Gulf Cooperation Council countries rose by 1.0 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 65.3%, Miscellaneous 3.5%, Education 3.0%, and Transport 1.6%. On the other hand, Recreation fell by -2.2%, as well as Clothing and Footwear fell -0.8%, Restaurant by -0.6% and Food by -0.5%.

In terms of contributions to the 1.0 percent annual increase, Tobacco contributed 0.5 percentage points, Transport and Miscellaneous 0.3 percentage points each, Education 0.2 percentage points, in contrast,  The Food, Clothing and Recreation groups made a -0.1 percentage points contribution each.

Over the 12 months to August 2017, the country contributions to overall GCC consumer price change were UAE 0.6 percentage points, Kuwait 0.2 percentage points, Oman 0.1 percentage points, while Bahrain, Saudi Arabia and Qatar contributed 0.0 percentage points each.

GCC consumer price have slightly increased in August 2017 by 0.1% compared with the previous month. The most significant price rises during August 2017 were in Miscellaneous 0.6%, Transport 0.5%, Tobacco 0.4%, and Communications 0.2%. In contrast, Recreation -1.8% and Health -0.1%.

 

GCC CONSUMER PRICE CHANGE, August 2017

	Table 1. Aggregate GCC inflation
			Index points, 2007=100				Change, Percent
Main Groups		Weights Per cent	August 2016	July 2017	August 2017		August 2017 / July 2017	August 2017 / August 2016
Food and beverage		25.1	146.2	145.5	145.5		0.0	-0.5
Tobacco		0.5	181.5	298.9	300.0		0.4	65.3
Clothing and footwear		8.6	115.1	114.1	114.1		0.1	-0.8
Furnishings, household equipment		10.5	136.5	136.9	136.9		0.0	0.3
Health		2.7	120.8	121.8	121.7		-0.1	0.8
Transport		16.8	123.0	124.4	125.0		0.5	1.6
Communication		8.9	95.0	95.3	95.5		0.2	0.5
Recreation and culture		5.1	119.6	119.1	117.0		-1.8	-2.2
Education		6.3	152.0	156.5	156.5		0.0	3.0
Restaurants and hotels		6.8	133.6	132.7	132.8		0.1	-0.6
Miscellaneous		8.8	132.5	136.4	137.1		0.6	3.5
All Groups Excluding Housing		100.0	130.5	131.7	131.8		0.1	1.0

 

KEY POINTS: AUGUST 2016 TO AUGUST 2017

 THE GCC ALL GROUPS EXCLUDING HOUSING

• Rose 1.0 percent over the twelve months, increase from the 0.8% rise over the period July 2016 to July 2017.
• The most significant price rises over the twelve months were for Tobacco 65.3%, Miscellaneous 3.5%, Education 3.0%, and Transport 1.6%. On the other hand, Recreation fell by -2.2%, as well as Clothing and Footwear fell -0.8%, Restaurant by -0.6% and Food by -0.5%.

 CONTRIBUTIONS TO PRICE CHANGE OVER THE 12 MONTHS

• Of the 1.0 percent growth in GCC Consumer Prices over the 12 months to August 2017, the most significant contributors were:
  • Tobacco contributed 0.5 percentage points.
  • Transport and Miscellaneous contributed 0.3 percentage points each.
  • Education contributed 0.2 percentage points.
  • Food, Clothing, and Recreation contributed -0.1 percentage points each.
• At the country level:
  • UAE contributed 0.6 percentage points.
  • Kuwait 0.2 percentage points.
  • Oman 0.1 percentage points.
  • Bahrain 0.0 percentage points.
  • Saudi Arabia 0.0 percentage points.
  • Qatar 0.0 percentage points.

 

KEY POINTS: AUGUST 2017


THE GCC ALL GROUPS EXCLUDING HOUSING

• GCC consumer price have slightly increased in August 2017 by 0.1% compared with the previous month.

OVERVIEW OF CPI MOVEMENTS IN AUGUST 2017

• The most significant price rise this month are Miscellaneous 0.6%, Transport 0.5%, Tobacco 0.4%, and Communications 0.2%.
• The most significant offsetting price declines this month were Recreation -1.8% and Health -0.1%.

 

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.