The Statistics Center of the Gulf Cooperation Council (GCC-Stat) announced that the annual inflation rate across GCC countries rose by 1.7 percent by the end of December 2024, compared to the same period in 2023.
In its latest report, the center attributed the rise primarily to significant increases in housing costs, which surged by 5.9 percent, followed by goods and services (+2.8 percent), culture and entertainment (+1.8 percent), restaurants and hotels (+1.1 percent), and health (+0.1 percent). Additionally, prices of food and beverages and education each rose by 1.2 percent, reports Al-Jarida daily.
These increases were partially offset by price drops in several key categories — transportation: down by 2.7 percent; furniture and household equipment: down 2.7 percent; tobacco: down 1.1 percent; communications: down 0.9 percent and clothing and footwear: down 0.2 percent
Despite the modest uptick, the GCC’s 1.7 percent inflation rate remains lower than that of the European Union, which stood at 2.7 percent, and lower than most of the GCC’s major trading partners.
According to the report, Brazil recorded the highest inflation rate among GCC trading partners at 4.8 percent, followed by Japan: 3.6 percent; India and the UK: 3.5 percent each; United States: 2.9 percent; Germany: 2.6 percent; South Korea: 1.9 percent; France and Italy: 1.3 percent and China: 0.1 percent
Headquartered in the Sultanate of Oman, GCC-Stat serves as the official statistical authority for the Gulf region. It plays a pivotal role in collecting, analyzing, and disseminating data to support planning and development across GCC nations, while also strengthening the statistical capacities of national agencies.
As inflation remains relatively controlled in the Gulf compared to global trends, policymakers may use the data to guide fiscal and social strategies, particularly as housing and essential goods continue to put pressure on household budgets in the region.
