Complex Made Simple

UAE records highest inflation among GCC states

Food and beverage prices increased by 3.72 per cent in the UAE

Inflation in the GCC ranged between 1.02 per cent and 3.11 per cent in October 2014, when compared to the same month in 2013, says a report from the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).

According to the report from the GCC-Stat, UAE recorded the highest inflation at 3.11 per cent.

Kuwait and Qatar came second with 3.0 per cent, followed by 2.6 per cent in Saudi Arabia and 2.5 per cent in Bahrain. Oman registered the lowest inflation rate of 1.02 per cent.

When compared to September 2014, the inflation rates in October witnessed a slight increase of 0.2 per cent in Saudi Arabia, 0.11 per cent in the UAE, 0.1 per cent in both Oman and Qatar, while prices in Bahrain and Kuwait remained stable.

Food and beverage prices increased by 3.72 per cent in the UAE, 3.5 per cent in Saudi Arabia, 2.9 per cent in Bahrain, 2.58 per cent in Kuwait, and 1.04 per cent in Oman, says the report.

Meanwhile, Qatar was the only GCC country where prices for food and beverages decreased in October by 0.6 per cent when compared to the same month in 2013, it adds.

Figures show prices across the GCC region for housing, water, electricity, gas and other types of fuel witnessed the highest increase.

Qatar witnessed an increase of 8.2 per cent, followed by 5.2 per cent in Bahrain, 4.44 per cent in Kuwait, 4.17 per cent in the UAE, 2.8 per cent in Saudi Arabia, and a slight increase of 0.24 per cent in Oman.

Transportation prices also showed an increase in all the GCC countries. They increased by 2.1 per cent in Bahrain, 2.04 per cent in Kuwait, 1.7 per cent in Qatar, 1.5 per cent in the UAE, 1.3 per cent in Saudi Arabia, and 0.51 per cent in Oman.

As for the highest price growth within different groups of the general consumer price index in each GCC member state, figures showed an increase over the 12-month period through October 2014.

Meanwhile, the prices of housing, water, electricity, gas and other types of fuel recorded an increase of 8.2 per cent in Qatar, while prices for furniture and household goods in Oman grew by 6.03 per cent, and for miscellaneous goods and services in the UAE went up by 4.6 per cent over the 12-month period.