Saudi Press

Saudi Arabia and the world
Saturday, Feb 24, 2024

Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021 

Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021 

Decelerating food prices drove Oman’s inflation levels to a 10-month low of 1.1 percent in April, according to the country’s National Center of Statistics and Information.
The 19-month low of food inflation — which stood at 2.7 percent in April as opposed to 4.1 percent in March — was mainly attributed to lower vegetable prices.

The statistics authority stated change in food costs came following a 1.6 percent annual hike recorded in March.

Oman also saw prices rise at a softer pace for housing, utilities, furnishings, household equipment and routine maintenance in April, standing at 3.5 percent compared to 3.8 percent in March.

Additionally, prices grew at a lower rate for recreation and culture, reaching 2 percent in April as opposed to 2.3 percent in the previous month.

Similarly, price levels associated with restaurants and hotels rose to 3.7 percent in April, down from 3.8 percent in the month prior.

By contrast, price growth for education was steady at 0.1 percent.

Meanwhile, prices associated with transport declined by 0.2 percent after rising by 0.3 percent in the previous month, while the levels accelerated for health.

Consumer prices rose by 0.1 percent in April, despite a 0.3 percent drop recorded in the previous month.

This slowdown aligns with the trend across the Middle East and North Africa region.

Earlier in May, the International Monetary Fund said economies across the Middle East and Central Asia would likely slow this year as persistently high inflation and rising interest rates bite into their post-pandemic gains, according to the Associated Press.

The IMF’s Regional Economic Outlook blamed, in part, rising energy costs and elevated food prices for the estimated slower growth.

The report said that while oil-dependent economies of the Gulf Arab states and others in the region have reaped the benefits of elevated crude prices, other countries — such as Pakistan — have seen growth collapse after unprecedented flooding last summer or as economic woes worsened.

“This year we’re seeing inflation again being the most challenging issue for most of the countries,” Jihad Azour, the director of the Middle East and Central Asia Department at the IMF, told AP, adding: “For those who have a high level of debt, the challenge of increase in interest rate globally, as well as also the tightening of monetary policy, is affecting them.”

The IMF forecasts regional growth will drop from 5.3 percent last year to 3.1 percent this year.

Overall, regional inflation is expected to be 14.8 percent, unchanged from last year, as Russia’s war on Ukraine continues to pressure global food supplies and affect energy markets.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, has announced a partnership with the London Metal Exchange to set up metal storage and delivery centers in the country. Alkhorayef highlighted Saudi Arabia's expanding military industries sector, crediting the Public Investment Fund (PIF) as a key partner, during his speech at the second PIF Private Sector Forum in Riyadh
×