Gulf | Oman
Oman secures rice, flour supply as food prices rise
Oman is securing 200,000 tonnes of rice, enough to feed the population for two years, in an effort to help consumers cope with soaring food commodity prices, the commerce and industry minister said on Saturday.
- Agencies
- Published: 20:25 May 3, 2008
Muscat: Oman is securing 200,000 tonnes of rice, enough to feed the population for two years, in an effort to help consumers cope with soaring food commodity prices, the commerce and industry minister said on Saturday.
Makboul bin Ali bin Sultan said in comments carried by the official Oman News Agency that the sultanate had also secured 50,000 tonnes of flour to meet local consumption.
Inflation is taking the shine off the rapid economic growth experienced by Gulf oil exporters, including Oman, flush with windfall oil revenues.
Annual inflation in Oman, one six Gulf oil producers, surged above 10 per cent this year for the first time in 18 years as food prices soared.
Oman's ruler, Sultan Qaboos bin Said, has ordered an increase of up to 43 per cent in state salaries, and 5 to 35 per cent in state pensions to help offset inflation.
On top food inflation, rents were up 14.1 per cent in February from a year earlier and building costs are rising.
Bin Sultan said that Oman was in the process of importing 3,000-4,000 tonnes of cement to make up for a shortfall in local production amid a construction boom.
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