OMAN’S inflation rate inched up by 0.56pc in March, reflecting overall price stability despite notable movements in select consumer categories, official data showed, reports Arab News.
According to data from the National Centre for Statistics and Information, the biggest year-on-year gain was recorded in the miscellaneous goods and services segment, which rose 6.11pc, followed by health, up 3.22pc, and transport, which advanced 1.74pc.
In contrast, prices for vegetables and fish and seafood fell sharply, declining 10.23pc and 6.95pc, respectively.
Oman’s inflation remains one of the lowest in the region, thanks to government measures, prudent fiscal policies, high oil prices, and rising non-oil exports, with the rate easing in recent months.
Across the region, Saudi Arabia recorded a 2.3pc annual rise in consumer prices in March, with inflation largely driven by housing and utility costs, while Dubai’s rate moderated to 2.8pc, down from 3.15pc in February, supported by lower transport and food costs.
On a monthly basis, Oman’s general index dropped by 0.36pc in March compared to February.
Despite the decline, the fruit category saw a 3.25pc increase, followed by the miscellaneous goods and services group which saw a 0.72pc increase. In contrast, transport prices fell 1.86pc month on month, while the fish and seafood group dropped 3.53pc.
The food and beverages category, which holds the highest weighting in the consumer price index basket, fell 0.74pc year on year and 0.58pc month-on-month.
Within this group, milk, cheese and eggs posted a 2.97pc annual increase, while bread and cereals and meat fell by 0.55pc and 0.44pc, respectively.
Oman has continued to consolidate its fiscal position, building on the momentum of recent surpluses.
The Ministry of Finance recently reaffirmed its 2025 budget outlook, underpinned by sustained oil revenue and ongoing diversification initiatives.
The sultanate recorded a real gross domestic growth of 1.3 percent in 2023, supported by a robust non-oil sector, and projects GDP to reach 44.1 billion Omani rial ($114.66bn) in 2025.
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