Oman Inflation Edges Slightly Higher to 12.75pc

DUBAI - Annual inflation in Oman edged higher to 12.75 per cent in November from 12.64 per cent in October, government data showed on Saturday.

By (Reuters)

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Published: Mon 19 Jan 2009, 1:31 AM

Last updated: Thu 2 Apr 2015, 4:24 AM

The Gulf state’s consumer price index hit 130 points on November 30 compared with 115.3 points a year earlier, the Ministry of National Economy said in a monthly report on its web site. Food, beverage and tobacco cost—which account for almost a third of the index—surged 22.2 per cent, while rents advanced 15.3 per cent.

Inflation in Oman was likely to fall below 10 per cent by early 2009 as commodity prices ease and the dollar gains, the central bank’s executive president said in September.

Like most other Gulf Arab oil producers, Oman pegs its currency to the US dollar, which spurred inflation in the past two years as the US currency fell to record lows against the euro, driving up import costs.

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