Oman’s annual inflation maintained a modest upward trajectory to reach 2 percent in February, well down from last year as monthly prices for food, rent and transport stayed unchanged, the government said on Monday.
The global downturn slashed price growth across the world’s largest oil exporting region last year from record double-digit peaks in 2008, with the UAE and Qatar experiencing deflation.
Consumer price inflation in non-OPEC member Oman started picking up again in December, when it rebounded to 0.9 percent from a low of 0.8 percent the previous month. It reached 1.7 percent in January but has remained well below the June 2008 high of 13.7 percent.
The National Economy Ministry said monthly prices were stable in three main categories that comprise 74 percent of the consumer index — food, beverages and tobacco; transport and communications services; and rents, electricity water and fuel.
Prices rose slightly for furniture, home appliances, education, personal commodities and other services.
Oman’s consumer prices soared in 2008 on imported inflation as a result of the weak U.S. dollar, which the rial currency is pegged to.
Analysts have forecast inflation at 4.0 percent this year after 3.4 percent in 2009. (Reuters)
Follow us on
