Inflation in GCC countries register increase of 2.96 per cent

Inflation rates in the GCC countries has increased between 0.73 per cent and 2.96 per cent by the end of March 2014 compared to previous March, according to a report.
An inflation report issued recently by the Statistical Centre for the Co-operation Council for Arab Countries of the Gulf said that Kuwait recorded the highest rate of inflation among the GCC member states registering an increase of 2.96 per cent, followed by 2.6 per cent for both Saudi Arabia and Qatar, 2.3 per cent for Bahrain, 1.85 per cent in the UAE.
Oman has registered the lowest rate of inflation with a 0.73 per cent increase in the consumer price index.

The Gulf Cooperation Council (GCC) includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.
When compared to February 2014, the March inflation rates show a 0.3 per cent increase in Kuwait and Qatar, 0.22 per cent in the UAE and 0.2 per cent in Saudi Arabia.
However, Oman recorded a 0.06 per cent decrease in the same period, while prices in Bahrain remained stable. 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.

They include, Education increased by 4.39 per cent in the United Arab Emirates and 6.24 per cent in Oman, Food & Beverage prices in Bahrain went up by 5.6 per cent, while Tobacco prices in Saudi Arabia increased by 6.4 per cent.

Housing and Energy costs recorded highest increases in Qatar, growing by 5.7 per cent, while costs for furniture and household goods in Kuwait grew by 4.83 per cent.
The figures revealed decrease in the Medical Care group prices in the United Arab Emirates by 0.14 per cent while Transportation costs in Bahrain and Saudi Arabia were down by 0.8 per cent and 3.0 per cent respectively.
Communication costs in Oman decreased by 4.62 per cent in the same period, while Miscellaneous goods and services in Qatar and Kuwait were respectively down by 2.2 per cent and 2.38 per cent.
Overall pan-GCC figures show that costs for education witnessed the highest growth, increasing by 6.24 per cent in Oman, 5.0 per cent in Bahrain, 4.39 per cent in the United Arab Emirates, 4.06 per cent in Kuwait and 3.7 per cent in Saudi Arabia.