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  • 23-05-23

    Oman's Inflation Reaches 10-Month Low on Decelerating Food Prices

    (MENAFN) Oman experienced a decrease in inflation levels, reaching a 10-month low of 1.1 percent in April, according to the National Center of Statistics and Information. The decline was primarily driven by decelerating food prices, with food inflation hitting a 19-month low of 2.7 percent compared to 4.1 percent in March. The decrease in food costs was mainly attributed to lower vegetable prices. This change follows a 1.6 percent annual increase recorded in March.

    In addition to food, other sectors also saw softer price growth. Housing, utilities, furnishings, household equipment, and routine maintenance increased at a slower pace, standing at 3.5 percent in April compared to 3.8 percent in March. Recreation and culture prices grew by 2 percent in April, down from 2.3 percent in the previous month. Prices associated with restaurants and hotels rose to 3.7 percent in April, a slight decrease from 3.8 percent in the previous month. On the other hand, price growth for education remained steady at 0.1 percent.

    Transport prices experienced a decline of 0.2 percent after a 0.3 percent increase in the previous month, while health prices accelerated. Consumer prices overall rose by 0.1 percent in April, despite a 0.3 percent drop recorded in the previous month. This slowdown in inflation aligns with the trend observed across the Middle East and North Africa region.

    The International Monetary Fund (IMF) stated in its Regional Economic Outlook that economies across the Middle East and Central Asia are expected to slow down this year due to persistently high inflation and rising interest rates, as reported by the Associated Press. The IMF report attributed the slower growth, in part, to rising energy costs and elevated food prices. While oil-dependent economies in the Gulf Arab states have benefited from higher crude prices, other countries such as Pakistan have faced economic challenges, including the impact of unprecedented flooding and worsening economic conditions.

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