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Oman’s October Inflation Eases

The Oman consumer price index hit 129.2 points on October 31 compared to 114.70 points a year earlier, the Ministry of National Economy said in a report on its Web site.

Food, beverage and tobacco costs — which account for almost a third of the index — surged 22.2 per cent, while rents advanced 14.9 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.