MUSCAT (WAM)
The latest data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) indicated that the average inflation rate in the GCC countries stood at 1.7 percent in 2024, compared to 2.2 percent in 2023.
The data showed a noticeable variation in the rates of change across the main groups, with the housing group recording the highest increase at 5.7 percent, followed by restaurants and hotels and culture and entertainment, both at 1.8 percent.
This was followed by education at 1.7 percent, food and beverages at 1.5 percent, and goods and services at 1.1 percent.
Meanwhile, the health group recorded a slight decline of 0.2 percent, followed by clothing and footwear at 0.7 percent, communications at 1.0 percent, tobacco at 1.1 percent, and furniture at 1.6 percent, while the transport group registered the largest drop at 2.0 percent.
According to recent data, price levels in the GCC experienced moderate fluctuations between 2020 and 2024.
The region’s inflation rate stood at 1.7 percent in 2020, rising to 2.4 percent in 2021 and reaching its peak at 3.1 percent in 2022. It then eased to 2.2 percent in 2023, continuing its downward trajectory to settle at 1.7 percent in 2024.
These figures reflect the success of the economic policies adopted by GCC countries in containing inflationary pressures, particularly following the notable increase in 2022.
They also indicate a state of relative stability in the region compared to the fluctuations seen in global markets.
In 2024, the GCC inflation rate remained notably lower than that of several major trading partners, underscoring the region’s economic resilience.
Inflation stood at 4.4 percent in Brazil, 3.8 percent in India, 3.3 percent in the United Kingdom, 2.9 percent in the United States, and 2.7 percent in Japan.
Meanwhile, the Republic of Korea and Germany reported rates of 2.3 percent, with France recording 2.0 percent.
The inflation rate in both China and Italy was lower than the GCC rate, recording 0.2 percent and 1.0 percent, respectively, while the rate in the European Union stood at 2.6 percent.