Oman’s Inflation Index Holds Steady in February
In a recent report by the National Center of Statistics and Information, Oman’s general inflation index remained stable at 105.3 in February compared to the same period in 2023.
The data also revealed a decrease in the inflation rate to 0.0 percent in February, down from 1.8 percent recorded in the corresponding period last year.
Different regions in Oman showed varying inflation rates, with the Muscat Governorate at -0.3 percent and North Al Sharqiyah Governorate at 0.9 percent.
Food and non-alcoholic beverages saw a 1.1 percent increase in the price index in February compared to the previous year. The milk, cheese, and eggs group surged by 4.2 percent, while oils and fats increased by 2 percent.
On the other hand, the price index for fish and seafood decreased by 9.9 percent, and the transport group saw a 2.6 percent drop compared to the previous year. Vegetables also experienced a 3.8 percent decrease in price index.
The inflation indices are collected from all governorates in Oman, with approximately 56,640 prices of goods and services analyzed from 3,907 sources. Rent data is collected from a sample of 1,150 rented units.
Looking ahead, Oman is forecasting a budget deficit of 640 million Omani rials ($1.66 billion) in 2024, based on an average oil price of $60 per barrel. This shift comes after a surplus in 2023, with oil revenues projected to reach 5.9 billion rials in 2024. Total revenues are estimated at around 11.01 billion rials, with expenditures forecasted to increase by 2.6 percent to 11.65 billion rials.