Abu Dhabi: The annual inflation rates in the GCC region ranged between 1.06 per cent and 3.8 per cent by the end of August this year, according to a report by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
Qatar saw the highest inflation in GCC, with a 3.8 per cent increase in prices by the end of August 2014 compared to the same month last year. Bahrain followed, with a 3.1 per cent increase, then Saudi Arabia with 2.8 per cent, Kuwait with 2.71 per cent, the UAE with 2.42 per cent, and Oman with 1.06 per cent.
In comparison to July 2014, though, inflation rates rose by 0.7 per cent in Qatar, 0.4 per cent in both Saudi Arabia and the UAE, 0.25 per cent in Oman, 0.1 per cent in Bahrain, and 0.08 per cent in Kuwait.
The report showed an increase of 12.42 per cent in tobacco prices in Kuwait. Qatar and Bahrain registered a rise of the housing and utility prices by 7.9 per cent and 5.4 per cent respectively.
Prices of food and beverages increased across the GCC by August 2014. The annual inflation rates in this category were up 2.5 per cent in Saudi Arabia, 2.1 per cent in Bahrain, 2.06 per cent in the UAE, 1.82 per cent in Kuwait, 1.51 per cent in Oman, and 1.2 per cent in Qatar.
Housing and utility prices increased the most, however, among all GCC member states. In Qatar, prices in the category rose 7.9 per cent, marking the great increase among other countries.
Meanwhile, neither Saudi Arabia nor Qatar registered any decrease in prices through to August 2014, whereas clothing prices in Oman and UAE fell by 1.19 per cent and 0.28 per cent respectively.
