Oman’s Annual Inflation, Based On The Consumer Price Index (CPI), Fell To 2.2 Per Cent In May 2012 – The Lowest Level Since February 2010 – As Prices Of Most Foodstuff And Personal-Care Items Either Fell Or Stabilised. Annual Inflation Came In At 2.9 Per Cent In April.
Annual Inflation In The Food And Beverages Category, Which Has 30 Per Cent Weightage In Oman’s CPI, Dropped To One Per Cent In May Compared To Two Per Cent In April, According To Data Released By The National Center For Statistics And Information.
The Prices Of Essential Food Items Like Cereals, Fish And Other Sea Products And Fruits Declined In May, While Milk Products, Cooking Oil And Beverages Remained Stable, The Data Showed.
Fish And Sea-Product Prices, Which Have Been High For More Than A Year, Fell By Ten Per Cent In May Compared To April. However, Vegetables, Meat And Poultry Products, And Sugar And Tobacco Product Prices Continued To Trend
Upwards.
Jarmo Kotilaine, Chief Economist At NCB Capital Bank In Riyadh, Saudi Arabia, Said That Inflationary Pressures In The
Gulf Countries Are Generally Easing, Helped By A Stronger Dollar And Easing Global Commodity Prices.
He Said, “A Stronger US Dollar Will Naturally Contain Imported Inflation In The GCC. Global Commodity Prices Are Likely To Remain Depressed On Demand-Erosion Concerns.
“However, Two Risks For The Rest Of The Year Are A Possible Return To Quantitative Easing In The US, Which Would Have A Positive Impact On Prices, And Possible Weather-Related Disturbances With The Harvest Season Pending In The Northern Hemisphere.”
The Personal-Care Items And Services Category, Which Had Been A Major Contributor To Oman’s Inflation For The Past Many Months, Saw A Decline Of 2.5 Per Cent In May Prices Compared To The Previous Month.
The Price Of Furniture, Housing Material, Medical Care, Rent, Water, Fuel And Electricity Has Remained Stable For The Past Many Months In The Sultanate.
Muscatdaily
