The overall inflation rate in the Gulf Cooperation Council (GCC) countries rose by 1.7 per cent at the end of October 2024 compared to the rate recorded during the same month of the previous year, according to consumer price data for the GCC countries.
Data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) indicates that the increase in the annual overall inflation rate in the GCC countries is mainly attributed to the increase in the prices of the housing group by 6.4 per cent, the goods and services group by 3 per cent, the restaurants and hotels group by 1.7 per cent, the culture and entertainment group by 1.4 per cent, the education group by 1.2 per cent, and the food and beverages group by 0.8 per cent.
This was offset by a decrease in prices in the transportation group by 3.6 per cent, the furniture and household equipment group by 1.9 per cent, tobacco by 1.1 per cent, the communications group by 0.9 per cent, and the clothing and footwear group by 0.4 per cent, while the prices of the health group remained stable at their previous levels.
GCC inflation
The overall inflation rate in the GCC countries was also lower than the European Union’s inflation rate of 2.3 per cent, and lower than many of the GCC’s main trading partners in total merchandise imports.
Brazil recorded the highest inflation rate in October 2024 compared to the same month of the previous year at 4.8 per cent, followed by India at 4.4 per cent, the United Kingdom at 3.2 per cent, the United States at 2.6 per cent, Japan at 2.3 per cent, Germany at 2 per cent, Republic of Korea at 1.3 per cent, France at 1.2 per cent, Italy at 0.9 per cent, and China at 0.3 per cent.
Follow us on
