Oman records 0.4 percent inflation rate in April 2024
According to data from the National Center for Statistics and Information, the inflation rate in Oman for April 2024 reached 0.4%, which represents an increase compared to the same period last year. These statistics reflect changes in prices across various groups of goods and services in different regions of Oman.
Regional Inflation Rates in Oman
The inflation rates in different regions of Oman are as follows:
| The provinces | Inflation Rate (%) |
|---|---|
| North Al Sharqiyah | +1.4% |
| Al Wusta | +1.3% |
| Dhofar | +1.1% |
| Musandam | +1.0% |
| South Al Sharqiyah | +0.9% |
| Buraimi and North Al Batinah | +0.7% |
| Al Dhahirah | +0.6% |
| Al Dakhiliyah | +0.2% |
Changes in Prices of Different Goods and Services Groups
Prices have increased in various groups of goods and services as follows:
| Goods and Services Group | Increase Percentage (%) |
|---|---|
| All Goods and Services | +4.2% |
| Food and Non-Alcoholic Beverages | +2.8% |
| Tobacco | +2.4% |
| Recreation | +0.4% |
| Restaurants and Hotels | +0.3% |
| Clothing | +0.2% |
In the group of food and non-alcoholic beverages, some items have faced a significant price increase. Specifically:
- Vegetables with an increase of 12.1%
- Fruits with an increase of 4.2%
- Milk, cheese and eggs with an increase of 3.7%
- Oils and fats with an increase of 2.7%
- Meat with an increase of 1.9%
- Sugar, jam, honey and sweets with an increase of 1.4%
- Bread and cereals with an increase of 1%
In contrast, the price of fish decreased by 2.4%.
Price Reductions
Price reductions have been observed in certain groups of goods and services:
| Goods and Services Group | Decrease Percentage (%) |
|---|---|
| Transportation Services | -3.0% |
| Education Group | -0.4% |
| Furniture and Household Goods | -0.2% |
| Communications | -0.2% |
Analysis and Review
The differences in regional inflation rates in Oman may be linked to various factors such as economic development, local investments, cost of living, and access to natural resources. For instance, the higher inflation rate in North Al Sharqiyah could be due to increased cost of living and high demand for goods and services, while Al Dakhiliyah might benefit from price stability and decreased demand.
Societal Impact
Inflation has various impacts on people’s lives, including reduced purchasing power, increased cost of living, and pressure on small businesses. Therefore, effective management and accurate understanding of inflation rates in different regions of the country are essential to maintain economic and social stability.
Conclusion
Regional differences in inflation rates indicate the need for diverse and region-specific economic policies to maintain balance and sustainable growth in the country. Attention to these differences and making appropriate decisions can contribute to improving the economic and social situation in Oman.
Source: Oman records inflation rate of 0.4% in April 2024 – The Arabian Stories News
