Oman annual inflation eases in July

INFLATION EASES: The Oman central bank governor expects inflation to fall to below 10 percent by early next year. (Getty Images)

Inflation in Oman eased in July and the central bank governor said on Wednesday he expects it to fall to below 10 percent by early next year.

Annual inflation slowed to 13.35 percent in July from 13.73 percent in June, the Ministry of National Economy said on Wednesday.

The Gulf state's consumer price index hit 126.5 points on July 31 compared with 111.60 points a year earlier, the ministry said in a monthly bulletin on its website. Food, beverage and tobacco costs soared 22.9 percent and rents gained 16.99 percent, the data showed.

Inflation in Oman should ease later this year or early next due to a stronger dollar and fiscal and monetary measures, said Oman's Central Bank Executive President Hamood Sangour Al-Zadjali.

"I think there will be an easing in inflation given the measures taken by the monetary and fiscal authorities and also the appreciation of the dollar," he told reporters on the sidelines of a gathering of Gulf Arab finance ministers and central bank governors.

"It should fall to below 10 percent. We expect that will happen probably by the end of this year or early next year," he said.

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