Oman’s inflation rate drops to 28-month low

RIYADH, Aug 24 (Arab News): Oman's inflation rate dropped to a 28-month low of 0.41 per cent in July, propelled by declining transportation costs and the stable prices of essential goods such as food items, utilities, fuel, and housing rent, according to the National Centre of Statistics and Information.
This figure marks a decline from the previous month's 0.69 per cent, representing the lowest annual inflation rate since March 2021. Reflecting the prevailing downward trend in 2023, the year has witnessed consistent price decreases, influenced by global inflation easing and government measures to control fuel and essential commodity costs.
Oman also experienced fluctuations in key components of the consumer price index. While food and beverage prices, accounting for a weightage of 24 per cent, rose by 1.36 per cent in July compared to a 2.18 per cent surge in June, several food categories demonstrated price stability.
Prices for fruits and vegetables decreased by 2.31 per cent and 1.72 per cent respectively. Meanwhile, meat prices fell by 0.6 per cent in July.
On the flip side, cooking oil and fats prices increased by 5.03 per cent, bread and cereal prices grew by 2.24 per cent, and fish and seafood products prices rose by 1.57 per cent annually in July.