GCC Inflation Rate Increases To 1.7 Percent By End Of October 2024

The Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) reported a 1.7% increase in the inflation rate across GCC nations by October 2024, compared to the same period in 2023. This rise is based on consumer price data from these countries.

Inflation in the GCC was primarily driven by a 6.4% increase in housing costs. Additionally, prices rose by 3% for goods and services, 1.7% for restaurants and hotels, 1.4% for culture and entertainment, 1.2% for education, and 0.8% for food and beverages.

In contrast, some sectors experienced price decreases. Transportation costs fell by 3.6%, furniture and household equipment by 1.9%, tobacco by 1.1%, communications by 0.9%, and clothing and footwear by 0.4%. Health-related prices remained unchanged.

The GCC's inflation rate was lower than that of the European Union, which stood at 2.3%. It was also below many of the GCC’s key trading partners regarding total merchandise imports.

Globally, Brazil experienced the highest inflation rate in October 2024 at 4.8%. India followed with a rate of 4.4%, while the United Kingdom saw a rate of 3.2%. The United States recorded an inflation rate of 2.6%, Japan at 2.3%, Germany at 2%, Republic of Korea at 1.3%, France at 1.2%, Italy at 0.9%, and China at just 0.3%.

This data highlights varying inflation trends worldwide, with some regions experiencing higher rates than others during this period.

With inputs from WAM