Oman's Import Price Index Drops by 1.5% in Q2 2024

Oman, 04 October, 2024 :  Oman's import price index (IPI) decreased by 1.5% at the end of the second quarter of 2024 compared to the same period in 2023, with a more significant drop of 3.3% from the first quarter of 2024, according to the Ministry of Economy.

The decline is primarily attributed to a 19.9% drop in the prices of non-food raw materials, excluding fuel. Other categories that experienced decreases include mineral fuels and lubricants (17.4%), machinery and transport equipment (8.1%), and vegetable and animal oils, fats, and waxes (10.3%). Notably, prices of vegetable and animal oils, fats, and waxes rose by 3.7% compared to the first quarter of 2024.

Conversely, some categories saw price increases compared to the previous year, including various products (17.1%), chemicals and related products (16.2%), drinks and tobacco (33.1%), and food and live animals (6.3%).

Source : www.zawya.com