Doha: Inflation rates in the GCC registered increases by between 0.73 percent and 2.96 percent by end of March 2014 when compared to March 2013, a recently released inflation report said yesterday.
The report issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat), reveals that Kuwait recorded the highest rate of inflation among the GCC member states registering an increase of 2.96 percent, followed by 2.6 percent for both Saudi Arabia and Qatar.
Bahrain followed with 2.3 percent inflation rate, while the rate was 1.85 percent in the United Arab Emirates.
Oman registered the lowest rate of inflation with a 0.73 percent increase in the consumer price index.
When compared to February 2014, the March inflation rates show a 0.3 percent increase in Kuwait and Qatar, 0.22 percent in the United Arab Emirates and 0.2 percent in Saudi Arabia. However, Oman recorded a 0.06 percent decrease in the same period, while prices in Bahrain remained stable, the inflation report said.
As for the main categories for the consumer price index in each GCC member state, figures showed an increase over the 12-month period through March 2014 as follows: education increased by 4.39 percent in the United Arab Emirates and 6.24 percent in Oman, food and beverage prices in Bahrain went up by 5.6 percent, while tobacco prices in Saudi Arabia increased by 6.4 percent.
Housing and energy costs recorded highest increases in Qatar, growing by 5.7 percent, while costs for furniture and household goods in Kuwait grew by 4.83 percent.
On the other hand, statistics revealed decrease in the medical care group prices in the United Arab Emirates by 0.14 percent, while transportation costs in Bahrain and Saudi Arabia were down by 0.8 percent and 3 percent, respectively.
Communication costs in Oman decreased by 4.62 percent in the same period, while miscellaneous goods and services in Qatar and Kuwait were respectively down by 2.2 percent and 2.38 percent.
Overall pan-GCC figures show that costs for education witnessed the highest growth, increasing by 6.24 percent in Oman, 5 percent in Bahrain, 4.39 percent in the United Arab Emirates, 4.06 percent in Kuwait and 3.7 percent in Saudi Arabia, the inflation report said.
On the contrary, the communications group witnessed a decrease in prices by March 2014 compared to March 2013 in all GCC states except for Bahrain where it slightly increased by 0.1 percent.
Communications registered a drop in prices of 4.62 percent in Oman, 1.28 percent in Kuwait, 0.3 percent in Saudi Arabia, 0.08 percent in the United Arab Emirates, the report said.
The Peninsula
