Inflation rate goes up in GCC amid housing prices

A view of the Downtown Dubai, the most touristic place in the city, in Dubai, United Arab Emirates on March 01, 2023 [Salih Şeref – Anadolu Agency]

Consumer price index data from the GCC Statistical Centre shows general inflation rate in the GCC region grew 1.5 per cent year-on-year through the end of September 2024, Oman News Agency reports.

According to the report, the Centre forecast inflation rates in the GCC countries to hover between 2.4, 2.6 and 2.1 per cent in a previous report for 2024 – 2026.

GCC consumer price inflation rate in 2023 was around 2.2 per cent from 3.1 per cent in 2022.

The report said there are still some things that continue to support the decline of inflation in the region such as supply chain improvements, drop in crude oil price, drop in global food price and US dollar appreciation against major currencies and GCC currency pegs to the US dollar.

Kuwait was the most inflationary GCC member at 2.8 per cent annually in September, followed by Saudi Arabia (1.7 per cent), Qatar (0.8 per cent) and Bahrain and Oman (0.4 per cent), the report added.

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