Rise in transport prices and rents drives inflation
Oman’s annual inflation accelerated to a five-month high of 1.7 per cent in January on a rise in transport prices and rents, according to data released by the sultanate’s economy ministry.
The consumer price index (CPI) in the sultanate rose by 0.6 per cent month-on-month in January, the fastest rise since August 2009, after a 0.2 per cent increase in the previous month, the data showed.
Transport prices, which account for 22 per cent of the basket, jumped 2.9 per cent in January compared with the previous month, following a 0.2 per cent rise in December. The rents and energy items, which have a similar weight, rose 0.8 per cent after staying flat in the previous month.
Annual inflation in non-Opec member Oman started picking up in December last year, when it rebounded to 0.9 per cent from a low of 0.8 per cent in November.
Oman’s annual inflation reached a record high of 13.7 per cent in June 2008.
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