GCC CONSUMER PRICE CHANGE, July 2017

 

Over the 12 months to July 2017, Price change for consumer goods and services (excluding housing)[1] in the Gulf Cooperation Council countries rose by 0.8 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 65.4%, Education 3.8%, Miscellaneous 3.7 percent, and Health 1.0 percent. Recreation fell -1.4%, as well as Clothing and Footwear fell -1.3%.

In terms of contributions to the 0.8 percent annual increase, Tobacco contributed 0.5 percentage points, Education and Miscellaneous 0.3 percentage points each. The Food, Clothing and Recreation groups made a -0.1 percentage points contribution each.

Over the 12 months to July 2017, the country contributions to overall GCC consumer price change were UAE 0.5 percentage points, Kuwait 0.3 percentage points, Qatar 0.1 percentage points, Bahrain and Oman 0.0 percentage points each. Saudi Arabia contributed -0.1 percentage points

GCC consumer price have stabilized at their previous level in July 2017 compared with the previous month. The most significant price rises during July 2017 were in Tobacco 10.9%, Recreation 2.0%, Food 0.5%, and Miscellaneous 0.2. Offsetting these by the decline in Transport -2.3%, Clothing, Furniture, Communications and Restaurants & Hotel -0.1% each.

 

GCC CONSUMER PRICE CHANGE, July 2017

	Table 1. Aggregate GCC inflation
			Index points, 2007=100				Change, Percent
Main Groups		Weights Per cent	July 2016	June 2017	July 2017		July 2017 / June 2017	July 2017 / July 2016
Food and beverage		25.1	146.3	144.9	145.5		0.5	-0.5
Tobacco		0.5	180.7	269.6	298.9		10.9	65.4
Clothing and footwear		8.6	115.6	114.2	114.1		-0.1	-1.3
Furnishings, household equipment		10.5	136.7	137.1	136.9		-0.1	0.2
Health		2.7	120.6	121.6	121.8		0.1	1.0
Transport		16.8	124.3	127.3	124.4		-2.3	0.0
Communication		8.9	95.5	95.4	95.3		-0.1	-0.1
Recreation and culture		5.1	120.8	116.8	119.1		2.0	-1.4
Education		6.3	150.7	156.5	156.5		0.0	3.8
Restaurants and hotels		6.8	132.6	132.9	132.7		-0.1	0.1
Miscellaneous		8.8	131.5	136.1	136.4		0.2	3.7
All Groups Excluding Housing		100.0	130.7	131.8	131.7		0.0	0.8

 

 

KEY POINTS: JULY 2016 TO JULY 2017

 THE GCC ALL GROUPS EXCLUDING HOUSING

• Rose 0.8 percent over the twelve months, down from the 1.1% rise over the period June 2016 to June 2017.
• The most significant price rises over the twelve months were for Tobacco 65.4%, Education 3.8%, Miscellaneous 3.7%, and Health 1.0%. Recreation fell -1.4%, as well as Clothing and Footwear fell -1.3%.

 CONTRIBUTIONS TO PRICE CHANGE OVER THE 12 MONTHS

• Of the 0.8 percent growth in GCC Consumer Prices over the 12 months to July 2017, the most significant contributors were:
  • Tobacco contributed 0.5 percentage points.
  • Education contributed 0.3 percentage points.
  • Miscellaneous contributed 0.3 percentage points.
  • Food and beverages, Clothing, and Recreation contributed -0.1 percentage points each.
• At the country level:
  • UAE contributed 0.5 percentage points.
  • Kuwait 0.3 percentage points.
  • Qatar 0.1 percentage points.
  • Bahrain 0.0 percentage points.
  • Oman 0.0 percentage points.
  • Saudi Arabia contributed -0.1 percentage points.

 

KEY POINTS: JULY 2017


THE GCC ALL GROUPS EXCLUDING HOUSING

• GCC consumer price have stabilized at their previous level in July 2017 compared with the previous month.

OVERVIEW OF CPI MOVEMENTS IN JULY 2017

• The most significant price rise this month are Tobacco 10.9%, Recreation 2.0%, Food 0.5%, and Miscellaneous 0.2.
• The most significant offsetting price declines this month were Transport -2.3%, Clothing, Furniture, Communications and Restaurants & Hotel -0.1% each.

 

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.