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Tue 21 Feb 2017 02:04 PM

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Bahrain's inflation rate falls sharply in January

Rate drop is driven by decrease in food prices, according to country's statistics office

Bahrain's inflation rate falls sharply in January
Bahrain World Trade Centre, Bahrain economy, Bahrain skyline, Bahrain business

Bahrain's inflation rate fell sharply in January as food prices dropped, according to latest data released by the country's statistics office.

The inflation rate fell to 0.8 percent last month from 2.3 percent a year earlier, the figures showed.

Although housing and utility costs, which account for 24 percent of consumer expenses, rose 3 percent from a year earlier, the prices of food and non-alcoholic beverages, which account for 16 percent, fell 2.3 percent.

Inflation in Bahrain rose to 3.8 percent in April 2016, its highest level since December 2013.

In December, the CEO of the country’s investment agency said he expects Bahrain to see non-oil sector growth of more than 3 percent in 2016 and 2.4 percent in 2017.

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