Inflation rates in the GCC registered a rise between 0.73 per cent and 2.96 per cent by end of March compared to that in March 2013. The inflation report issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat), reveals that Kuwait recorded the highest rate of inflation among the GCC states registering an increase of 2.96 per cent, followed by 2.6 per cent for both Saudi Arabia and Qatar, 2.3 per cent for Bahrain, 1.85 per cent in the United Arab Emirates, while Oman registered the lowest rate of inflation with a 0.73 per cent increase in the consumer price index.
When compared to February, the March inflation rates show a 0.3 per cent increase in Kuwait and Qatar, 0.22 per cent in the United Arab Emirates and 0.2 per cent in Saudi. However, Oman recorded a 0.06 per cent decrease in the same period, while prices in Bahrain remained stable.
As for the main categories for the consumer price index in each GCC member state, figures show an increase over the 12-month period through March as follows: education increased by 4.39 per cent in the UAE and 6.24 per cent in Oman, food and beverage prices in Bahrain went up by 5.6 per cent, while tobacco prices in Saudi also increased by 6.4 per cent. Housing and energy costs recorded highest increases in Qatar, growing by 5.7 per cent, while cost of furniture and household goods in Kuwait grew by 4.83 per cent.
On the other hand, statistics revealed fall in healthcare prices in the UAE by 0.14 per cent, while transportation costs in Bahrain and Saudi were down by 0.8 per cent and 3 per cent respectively. Communication costs in Oman decreased by 4.62 per cent during the same period, while miscellaneous goods and services in Qatar and Kuwait were respectively down by 2.2 per cent and 2.38 per cent.
Overall pan-GCC figures show that costs for education witnessed the highest growth, increasing by 6.24 per cent in Oman, 5 per cent in Bahrain, 4.39 per cent in the UAE, 4.06 per cent in Kuwait and 3.7 per cent in Saudi. On the contrary, the communications group witnessed a fall in prices by March compared to March 2013 in all GCC states except for Bahrain where it slightly increased by 0.1 per cent. Communications registered a drop in prices of 4.62 per cent in Oman, 1.28 per cent in Kuwait, 0.3 per cent in Saudi, 0.08 per cent in the UAE.