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Monday, 09 November 2009 07:12 UAE time

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Oman eyes single-digit inflation in 2009

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 16 March 2009
COOL DOWN: Annual inflation in Oman fell below 10% for the first time in more than a year in Jan. (Getty Images - for illustrative purposes only)
COOL DOWN: Annual inflation in Oman fell below 10% for the first time in more than a year in Jan. (Getty Images - for illustrative purposes only)

Oman's inflation would fall to a "single-digit" level in 2009 as an oil price slump relieves inflationary pressures, Oman's central bank executive president said on Monday.

Annual inflation in Oman fell below 10 percent for the first time in more than a year in January as food price pressures eased, the Ministry of National Economy said on Sunday.

"Inflation in 2008 was 12.4 percent and due to oil prices fall, it is expected to decrease in 2009 to a single digit," Hamood Sangour Al Zadjali said.

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Zadjali also said a current 8 percent interest rate on personal loans was unlikely to decline for the time being. (Reuters)

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