Oman’s inflation falls to lowest level since March 2021

Oman’s inflation falls to lowest level since March 2021

Muscat –Oman’s inflation rate experienced a significant decline in October, which can be attributed to a marked decrease in transportation costs and stability in fuel, utilities, and housing prices.

The annual inflation rate, measured by the sultanate’s Consumer Price Index (CPI), dropped to 0.30% in October 2023, marking its lowest point since March 2021. This is in contrast to the 1.27% inflation rate recorded in September 2023, according to data released by the National Centre for Statistics and Information.

Oman’s inflation has consistently decreased this year due to global inflation easing and government measures that capped fuel prices and exempted essential commodities from value added tax.

Consumer price inflation for food items, representing nearly 24% of Oman’s CPI, rose at a slower pace of 1.69% in October, compared to a 3.41% rise in September. The lower food inflation is mainly attributed to reduced prices of fish, meat, fruits, and vegetables in October compared to the previous month.

However, prices for the milk, cheese, and eggs group rose by 6.1% year-on-year in October, while cooking oils and fats became 2.6% more expensive last month than a year ago. Prices of sugar and confectionery items increased by 3.2% in October this year