Oman’s Successful Control of Inflation

Oman has managed to maintain one of the lowest inflation rates globally, thanks to effective economic policies and strong management. While global crises like the COVID-19 pandemic and the Ukraine war have pressured the global economy, Oman has kept its inflation within its target range.

According to data from the National Centre for Statistics and Information, Oman’s average inflation rate from 2021 to 2023 was 1.7%, dropping to below 1% by the end of 2023. In 2024, the inflation rate averaged 0.8%. This decline is attributed to the government’s effective control over prices and reduced transportation costs, public services, and housing prices.

Regionally, Al Batinah South recorded the lowest inflation rate at 0.4%, while Al Sharqiyah South had the highest at 1.9%.

Oman’s focus on investing in social sectors such as healthcare, education, and housing has helped maintain living standards and reduce economic pressure on families. Moreover, the International Monetary Fund (IMF) forecasts global inflation to fall to 5.8% in 2024, indicating a positive economic outlook.