By Staff Reporter
GCC Inflation Rate Rises by 1.7% in October 2024, Driven by Housing and Consumer Goods
The Gulf Cooperation Council (GCC) countries have reported a 1.7% increase in their overall inflation rate for October 2024 compared to the same month in 2023, according to data from the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
This rise in inflation is largely attributed to a significant 6.4% increase in housing prices, along with a 3% rise in goods and services. Other contributing factors include a 1.7% increase in restaurant and hotel prices, a 1.4% rise in culture and entertainment, and a 0.8% increase in food and beverages. Education costs also saw a 1.2% uptick.
Conversely, several sectors experienced a decline in prices. Transportation dropped by 3.6%, followed by furniture and household equipment (down 1.9%), tobacco (down 1.1%), and communications (down 0.9%). Clothing and footwear saw a slight decrease of 0.4%, while healthcare prices remained unchanged.
Despite the rise in inflation, the GCC region’s overall inflation rate remains lower than the European Union’s rate of 2.3%. When compared to key global trading partners, the GCC’s inflation rate is more favorable. In contrast, Brazil recorded the highest inflation at 4.8%, followed by India (4.4%) and the UK (3.2%).
This data highlights the varying economic trends across regions, with the GCC region maintaining a relatively moderate inflation rate compared to other major economies.
News Source: Emirates News Agency
