Oman's May 2024 Inflation Climbs 0.9% Amidst Varied Price Shifts

Oman, 1 July, 2024 :  Oman's inflation rate rose by 0.9% in May 2024 compared to the same month in 2023, based on the latest consumer price index data released by the National Centre for Statistics and Information (NCSI).

The data highlights notable price increases across various categories: food and non-alcoholic beverages rose by 3.8%, miscellaneous goods and services by 3.3%, health by 2.4%, culture and entertainment by 0.6%, tobacco by 0.6%, housing, water, electricity, gas, and other fuels by 0.4%, restaurants and hotels by 0.3%, and clothing and shoes by 0.1%.

Conversely, prices in the transportation sector decreased by 1.6%, education by 0.4%, and communications by 0.2%.

Within the food and non-alcoholic beverages category, significant increases were noted in the prices of vegetables (up by 12.3%), fruits (up by 7.9%), fish and seafood (up by 4.6%), and milk, cheese, and eggs (up by 4.5%).

Regionally, North Al Sharqiyah Governorate recorded the highest inflation rate increase at 2.07%, followed by Musandam Governorate at 1.58%, and Dhofar Governorate at 1.41%.

The inflation rates in other governorates ranged from 1.34% to 0.59%, reflecting varying impacts across Oman's regions.

The NCSI data provides insights into Oman's economic trends and consumer price dynamics, influencing policy and economic planning initiatives moving forward.

Source : www.zawya.com