Qatar inflation slows during third quarter

Dubai: Qatar's annual inflation rate eased off a record peak to 15.81 per cent in the third quarter as rent, fuel and energy costs grew more slowly, official data showed on Thursday.

The rental index gained 18.85 per cent in the period running up to September 30, compared with a year earlier, the Qatar Statistics Authority said on its Web site.

It was down from an annual jump of 24.4 per cent in the second quarter.

Growth in food, beverage and tobacco costs also eased slightly to 21.85 per cent, from 22 per cent in the prior quarter.

The overall consumer price index hit 177.89 points on September 30 compared with 153.61 points a year earlier. Prices rose 3.19 per cent from the second quarter, when annual inflation hit a record 16.59 per cent.

Inflationary pressures across the Gulf Arab region have been easing as oil prices tumbled $100 (Dh367) from July's record levels of above $147 a barrel.

Qatar, the world's biggest exporter of liquefied natural gas, pegs its riyal currency to the dollar, which until July had been falling against all major currencies, driving up Gulf import costs and stoking inflation.

Qatari money supply growth - one indicator of future inflation - eased in the year to August to 41.9 per cent, from 45.2 per cent a month earlier.

Qatar has the region's highest inflation rate.