Oman’s CPI inflation was 2.0% y/y in January-May, down from 2.1% at end-April, the statistics office said. May’s CPI reached 1.1% y/y, according to our calculations.
Food charges (30.4% of the index) rose 2.2% over the period, underpinned mainly by volatile fresh vegetable prices which climbed 11.1% y/y. Fruit costs rose 3.6% and those of meat and poultry increased 1.9%. Education costs remained high at 19.1% y/y over the period.
Housing and food and transports charges have remained relatively subdued in January-May, helping keep Oman’s CPI inflation among the GCC’s lowest.
Transport prices (22.2% of CPI) rose 2.0% y/y and housing costs (21.4% of the basket) increased 0.9%. Rent charges rose 1.1% over the period.
Oman’s CPI inflation will average 3.1% in 2013, the IMF said in its latest Article IV report.
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