MUSCAT, May 18: The GCC-Stat announced on Sunday that consumer price data indicated a 1.7 percent increase in the general inflation rate across the GCC countries by the end of December 2024, compared to the same month in 2023.

According to a report from the center, the rise in inflation was primarily driven by increases in several key categories. The housing group saw a notable rise of 5.9 percent, while the goods and services group rose by 2.8 percent. Other contributing sectors included culture and entertainment (up by 1.8 percent), restaurants and hotels (1.1 percent), and health (0.1 percent). Additionally, both food and beverages and education groups experienced a 1.2 percent increase in prices.

The report also highlighted that these inflationary pressures were partly offset by decreases in other categories. Specifically, transportation costs fell by 2.7 percent, furniture and household equipment prices dropped by 1.7 percent, tobacco prices decreased by 1.1 percent, the communications group saw a reduction of 0.9 percent, and clothing and footwear prices dropped by 0.2 percent.

Despite these fluctuations, the overall Gulf inflation rate remained lower than that of the European Union, which recorded a 2.7 percent inflation rate. It also stood lower than many of the GCC's key trading partners. Brazil, for instance, recorded the highest inflation rate in December 2024 at 4.8 percent, compared to the same month in the previous year. Japan followed with an inflation rate of 3.6 percent, while India and the United Kingdom each saw a 3.5 percent increase. The United States' inflation rate stood at 2.9 percent, Germany at 2.6 percent, South Korea at 1.9 percent, and both France and Italy at 1.3 percent each. China had the lowest inflation rate among these countries, with only a 0.1 percent rise.

The GCC-Stat, the Statistical Center for the Cooperation Council for the Arab States of the Gulf, is based in Oman and serves as the official body for data, information, and statistics related to the GCC countries. It also works to enhance the statistical capabilities of national centers and planning agencies across the Gulf region.