Rise in consumer prices to bolster Qatar’s economy – The Peninsula

Rise in consumer prices to bolster Qatar’s economy – The Peninsula

The latest data by Planning and Statistics Authority (PSA) shows a 1.22 percent increase in Consumer Price Index (CPI) and a 6.03 percent annual increase. Bank Audi, one of the personal and private banking firm operating in the Middle East in a report stated that consumer prices in Qatar rose by 4.2 percent this year compared to an average surge of 2.3 percent last year and these costs will continue to incline while it helps drive the country’s economic growth.

“Qatar’s consumer prices return to inflation,” the report said adding that it has returned to positive territory in the previous year and is forecasted to continue rising in 2022. While the prices pursue an upward streak, the country’s economy is reported to be reinforced and strengthened by the recovery from the worldwide epidemic caused due to COVID-19 and supply chain disruptions.

The CPI breakdown by segments evinces the culture and recreation segment, which has a weight of 11.1 percent and registered the largest year-on-year expansion of 28.6 percent initially on an average this year followed by the food and beverages segment with over 5.9 percent (with a weight of 13.5 percent), the transport industry with 4.3 percent (weight of 14.6 percent), the