Muscat: By the end of September 2024, the overall inflation rate in the GCC countries rose by 1.5 percent compared to the same month in the previous year (2023), as reported by the GCC Statistical Center's consumer price data.
Among the GCC nations, Kuwait experienced the highest inflation rate in September 2024, reaching 2.8 percent compared to September 2023. This was followed by Saudi Arabia at 1.7 percent, Qatar at 0.8 percent, and both Bahrain and Oman at 0.4 percent each.
The annual increase in the general inflation rate across the GCC is largely driven by a notable rise in housing prices, which surged by 5.7 percent. The culture and entertainment sector also saw an increase of 2.6 percent, while goods and services rose by 1.8 percent. Additionally, the restaurant and hotel sector experienced a 1.5 percent increase, and both food and beverages and education categories rose by 1.0 percent each.
Conversely, there were declines in transportation prices by 3.0 percent, furniture and household equipment by 2.3 percent, tobacco by 1.2 percent, communications by 0.9 percent, and clothing and footwear by 0.8 percent, with health prices remaining stable.
