Over the 12 months to October 2018, GCC consumer prices rose by 4.2%
Issue date: 11 December 2018
Over the 12 months to October 2018, Price change for consumer goods and services (excluding housing)[1] in the Gulf Cooperation Council countries rose by 4.2%, according to figures released today by GCC-Stat, the Statistical Center for the Cooperation Council of the Arab Countries of the Gulf.
The biggest increases were for Tobacco 10.2%, Transport 9.1%, Restaurant & Hotels by 6.5%, Food 4.2%, Recreation 3.2%, Furnishings 3.1%, Health 2.6%, Education 2.0%, Communication 1.6%, Miscellaneous 0.8%, and Clothing and Footwear 0.7%.
In terms of contributions to the 4.2 percent annual increase, Transport contributed 1.5 percentage points, Food 1.1 percentage points, Restaurant & Hotels 0.5 percentage points, Furnishings 0.3 percentage points, Education 0.2 percentage points, “Tobacco”, “Health”, “Communication”, “Recreation” and “Miscellaneous” 0.1 percentage points each.
Over the 12 months to October 2018, the country contributions to overall GCC consumer price change were Saudi Arabia 2.3 percentage points, UAE 1.7 percentage points, Oman and Kuwait 0.1 percentage points each, while there is no contribution recorded in Bahrain and Qatar this month.
GCC overall consumer price have decreased in October 2018 compared with the previous month by -0.2%. The most significant price decrease during October 2018 were in Transport -0.9%, Miscellaneous -0.3%, Furnishings -0.2%, “Clothing”, “Health” and “Restaurant & Hotels”
by -0.1% each. In contrast, “Food” and “Education” prices increased by 0.2% each, while there is no change in prices of “Tobacco”, “Communication” and “Recreation” compared with the previous month.
GCC CONSUMER PRICE CHANGE, October 2018
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Table 1. Aggregate GCC inflation |
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Index points, 2007=100 |
Change, Percent |
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Main Groups |
Weights |
October 2017 |
September 2018 |
October 2018 |
October 2018 / September 2018 |
October 2018 / October 2017 |
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Food and beverage |
24.0% |
144.4 |
150.2 |
150.5 |
0.2 |
4.2 |
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Tobacco |
0.7% |
254.0 |
279.8 |
279.9 |
0.0 |
10.2 |
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Clothing and footwear |
7.5% |
109.6 |
110.5 |
110.4 |
-0.1 |
0.7 |
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Furnishings, household equipment |
10.5% |
131.1 |
135.4 |
135.1 |
-0.2 |
3.1 |
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Health |
2.7% |
117.3 |
120.4 |
120.3 |
-0.1 |
2.6 |
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Transport |
16.8% |
125.5 |
138.2 |
136.9 |
-0.9 |
9.1 |
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Communication |
9.5% |
92.9 |
94.4 |
94.4 |
0.0 |
1.6 |
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Recreation and culture |
5.2% |
110.3 |
113.8 |
113.8 |
0.0 |
3.2 |
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Education |
7.4% |
154.7 |
157.4 |
157.8 |
0.2 |
2.0 |
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Restaurants and hotels |
7.5% |
136.3 |
145.3 |
145.2 |
-0.1 |
6.5 |
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Miscellaneous |
8.3% |
134.5 |
136.0 |
135.6 |
-0.3 |
0.8 |
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All Groups Excluding Housing |
100.0 |
129.9 |
135.6 |
135.3 |
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-0.2 |
4.2 |
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KEY POINTS: October 2017 TO October 2018
THE GCC ALL GROUPS EXCLUDING HOUSING
- The GCC CPI rose 4.2% over the twelve months, compared with increase of 4.6% in September 2018/ September 2017.
- The most significant price rises over the twelve months were for Tobacco 10.2%, Transport 9.1%, Restaurant & Hotels by 6.5%, Food 4.2%, Recreation 3.2%, Furnishings 3.1%, Health 2.6%, Education 2.0%, Communication 1.6%, Miscellaneous 0.8%, and Clothing and Footwear 0.7%.
CONTRIBUTIONS TO PRICE CHANGE OVER THE 12 MONTHS
- Of the 4.2 percent growth in GCC Consumer Prices over the 12 months to October 2018, the most significant contributors were:
- Transport contributed 1.5 percentage points.
- Food contributed 1.1 percentage points.
- Restaurant & Hotels contributed 0.5 percentage points.
- Furnishings contributed 0.3 percentage points.
- Education contributed 0.2 percentage points.
- Tobacco, Health, Communication, Recreation and Miscellaneous contributed 0.1 percentage points each.
- At the country level:
- Saudi Arabia contributed 2.3 percentage points.
- UAE 1.7 percentage points.
- Oman and Kuwait 0.1 percentage points each.
- There is no contribution in Bahrain and Qatar were recorded this month .
KEY POINTS: October 2018
THE GCC ALL GROUPS EXCLUDING HOUSING
- GCC consumer price have decreased by -0.2% in October 2018/ September 2018.
OVERVIEW OF CPI MOVEMENTS IN October 2018
- The most significant price decrease during October 2018 were in Transport -0.9%, Miscellaneous -0.3%, Furnishings -0.2%, “Clothing”, “Health” and “Restaurant & Hotels”
by -0.1% each. In contrast, “Food” and “Education” prices increased by 0.2% each, while there is no change in prices of “Tobacco”, “Communication” and “Recreation” compared with the previous month.
Further information and statistics are available from the GCC-Stat website: http://www.gccstat.org
For more details on the construction of the GCC index of consumer price change, see (https://www.gccstat.org/images/gccstat/docman/Standards/GCC_aggregate_inflation_-_methodology.pdf)