Font Size

- Aa +

Tue 29 Nov 2011 06:47 PM

Font Size

- Aa +

Qatar's consumer price inflation rises to 2.5% in October

Gulf state sees rate reach its highest mark since the start of 2010, says gov't data

Qatar's consumer price inflation rises to 2.5% in October
Annual inflation in Qatar rose to 2.5 percent in October, with food costs among the consumer price rises

Annual consumer price inflation in Qatar rose to 2.5 percent in October, boosted by price rises in all major categories except rents, the government said on Tuesday.

It was the highest inflation rate since at least the start of 2010, when the Statistics Authority began publishing year-on-year data every month. In September this year, annual inflation was 2.2 percent.

Consumer prices rose 0.4 percent from a month earlier in October, accelerating from 0.1 percent in September.

Prices in the transport and communications sector rose fastest from a year earlier in October, climbing 8.3 percent partly because of an increase in air fares, the authority said.

Rents, which have been declining because of new supply of homes on the market, fell 5.8 percent. Excluding rents, annual inflation was 5.8 percent in October, the authority added.

Qatar's central bank governor Sheikh Abdullah bin Saud al-Thani said last month that he expected inflation this year of 2.5 percent.

Although inflation has been trending up throughout this year, from 1.6 percent in January and deflation of 2.4 percent last year, it is still far below the record 15 percent seen in the oil-boom year of 2008.

Analysts polled by Reuters in September predicted Qatar would see average inflation of 2.7 percent in 2011 and 3.5 percent next year.