Oman Maintains One of the Lowest Global Inflation Rates

Oman, 17 December, 2024 : Oman has successfully maintained one of the world’s lowest inflation rates despite global economic challenges, including the pandemic and geopolitical crises.

Proactive policies helped Oman contain inflation within the targets of its Tenth Five-Year Plan (2021-2025). Data from the National Centre for Statistics and Information (NCSI) shows the average inflation rate stood at 1.7% between 2021 and 2023, dropping to 0.8% by October 2024.

The decline is attributed to stable housing, utilities, communication, and tobacco prices, alongside a 2.6% drop in transportation costs. While some sectors, such as food, health, and personal goods, saw moderate increases, overall inflation remained low.

The International Monetary Fund (IMF) reported Oman’s inflation fell to 0.6% by the third quarter of 2024, compared to 0.9% in 2023. The Ministry of Economy expects inflation to stay moderate in the medium term, prioritizing social spending on health, education, and housing to support living standards.

Globally, headline inflation is projected to decline to 5.8% in 2024, with the IMF forecasting further drops to 3.5% by the end of 2025.