Muscat, Oman–Annual inflation of Oman has shot up 0.82 percent in August as against 2.4 percent in the same month of last year, according to the country’s National Center for Statistics and Information.
But compared with the previous month, Oman’s inflation rate sunk to its lowest level in 28 months to 0.41 percent in July.
What is believed to have fueled the inflation rate in August were key categories within the consumer price index, with the most notable being the sector encompassing food and beverages, which witnessed a 2.9 percent increase.
The increase can be primarily attributed to rising prices in several subcategories, including a 11.65 percent hike in fish and seafood, a 8.87 percent increase in dairy and egg prices and a 5.5 percent uptick in vegetable costs. In contrast, meat prices experienced a 1.64 percent decrease.
Many other sectors also drove up inflation with the cost of household furnishings and routine maintenance increasing by 2.63 percent, miscellaneous goods and services by 2.61 percent, dining and lodging by 2.46 percent, and tobacco by 2.36 percent.
Additional modest hikes were observed in the areas of culture and recreation with a 1.41 percent increase, healthcare with 0.63 percent, and education with 0.05 percent.
Prices for apparel and footwear also edged higher by 0.35 percent, while utility costs, including housing, water, and energy, rose slightly by 0.03 percent. On the other hand, transport costs dipped by 1.54 percent, and telecommunication expenses declined by 0.2 percent.
Month-over-month, the food and beverage saw a 1.11 percent monthly rise in August, and smaller increases in dining out and hotel costs, household items and maintenance, as well as cultural and leisure activities.
On a monthly basis, the transportation segment saw a modest 0.05 percent decline in August compared to July.
Stable pricing was observed in sectors like tobacco, utilities, health, telecommunications, education, and a variety of goods and services.
Geographically, the Dhofar governorate recorded the steepest inflation rate at 1.01 percent, while Al-Buraimi reported the lowest at 0.4 percent.
Inflation rates in other regions varied, with the capital, Muscat, showing a 1 percent increase, and Al-Batinah North, A’Dakhiliyah, A’Dhahirah, and both North and South Al-Sharqiyah registering increases below 1 percent.