Oman's inflation reaches 2 per cent in February

06 April 2010

Inflation increases 0.3 per cent from January

Oman’s annual inflation stood at 2 per cent in February, a modest increase from the 1.7 per cent recorded in January.

The Ministry of National Economy said monthly prices were stable in the three main categories that comprise 74 per cent of the consumer price index (CPI).

“The stability of the CPI in February 2010 compared to the previous month is due to stability in the first three main categories, which comprise food, beverages, tobacco, transport, communications services, rents, electricity, water and fuel,” said a statement released by the Ministry of National Economy on 5 April.

However, prices rose slightly for furniture, home appliances, education, personal commodities and other services.  

Inflation started picking up again in December when it increased to 0.9 per cent from a low of 0.8 per cent in November.   

Oman’s CPI soared in 2008 on imported inflation as a result of the rial being pegged to the weak US dollar. It peaked at 13.7 per cent in June 2008.

On a year-to-year basis, inflation recorded a 5.9 per cent fall from the 7.9 per cent posted in February 2009.

Analysts have forecast inflation at 4 per cent this year, up from 3.4 per cent in 2009.

 

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