May inflation rate increases to 1.48%
The inflation rate in Oman recorded an increase of 1.48% in May 2014 when compared with the same period in 2013, however, when viewed on a month-by-month basis the May rate increased by 0.22% compared with the April 2014 figure.
The inflation report issued by the National Center for Statistics and Information (NCSI) details the factors driving the increase in the inflation rate in May 2014, when compared to May 2013. Over the 12 month period food and non-alcoholic beverages rose by 2.7%, while housing, water, electricity, gas and other fuels grew by 1.66%. Education costs recorded an increase of 6.3%. Meanwhile, health costs increased by 6.01% and communications costs rose by 0.13%.
In addition, furnishings, household equipment & routine household maintenance grew by 7.35%, and hotels and restaurants costs increased by 1.26%. Miscellaneous goods and services also recorded an increase of 0.07%while tobacco prices increased by 0.52%, and clothing and footwear costs grew by 0.04%. However, transport costs recorded a decline of 0.65% and recreation and culture costs also decreased by 0.84%.
When measured against the April 2014 figures, the report shows that the inflation rate in May increased by 0.22%. The increase is attributed to the rising costs of food and non-alcoholic beverage prices by 0.7% while transport costs also increased by 0.33%.
In addition, housing, water, electricity, gas and other fuels grew by 0.01%. On the other hand, clothing and footwear declined by 0.04%, furnishings, household equipment & routine household maintenance also declined by 0.14%, communication costs by 0.01%, recreation and culture group by 0.03%. Hotels and restaurants costs declined by 0.09%, goods and services costs by 0.04%. Tobacco prices and education costs were stable on a month-by-month basis.