MUSCAT: The overall GCC inflation rate reached 1.7 per cent at the end of October 2024, reflecting an increase from the same period last year, according to data from the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
The primary driver of this inflation was a 6.4 per cent surge in housing costs, alongside notable price increases in goods and services by 3 per cent, restaurants and hotels by 1.7 per cent, culture and entertainment by 1.4 per cent, education by 1.2 per cent, and food and beverages by 0.8 per cent.
These increases were partially offset by declining prices in transportation by 3.6 per cent, furniture and household equipment by 1.9 per cent, tobacco by 1.1 per cent, communications by 0.9 per cent, and clothing and footwear by 0.4 per cent, while healthcare costs remained stable.
Despite the uptick, GCC inflation remained lower than the European Union’s 2.3 per cent rate and below the inflation levels of many key trade partners.
In October 2024, Brazil recorded the highest inflation at 4.8 per cent, followed by India at 4.4 per cent, the United Kingdom (UK) at 3.2 per cent, the United States (US) at 2.6 per cent, and Japan at 2.3 per cent.
Other major economies such as Germany at 2 per cent, South Korea at 1.3 per cwnt, France at 1.2 per cent, Italy at 0.9 per cent, and China at 0.3 per cent saw comparatively lower inflation rates.
