Riyadh: Qatar’s Inflation Drops 1.4% in March
In a surprising turn of events, Qatar’s inflation rate decreased by 1.4 percent in March, thanks to a decline in food and beverage prices, according to official data released by the country’s Planning and Statistics Authority.
Consumer Price Index Reaches 106.67 Points
The consumer price index reached 106.67 points in March, with expenses for food and beverages dropping by 4.74 percent compared to February. Prices for recreation and culture also witnessed a decline of 5.58 percent during the same period.
Prices Fluctuate Across Different Categories
While costs for restaurant and hotels, as well as furniture and household equipment, decreased in March, prices for clothing and footwear increased by 1.88 percent. Expenses for transport also went up by 0.23 percent, with healthcare and communication costs remaining unchanged.
Annual Consumer Price Index Shows Positive Growth
Despite the monthly decrease, Qatar’s annual consumer price index increased by 0.98 percent in March compared to the same month of the previous year. This surge was mainly driven by categories such as recreation and culture, communication, and education.
Qatar’s Economic Outlook Looks Promising
Qatar’s economy is expected to stabilize in the near future after experiencing a surge in 2022 due to hosting the FIFA World Cup, according to the International Monetary Fund (IMF). The IMF has forecasted a 1.9 percent growth in the country’s gross domestic product for 2024, highlighting Qatar’s resilience to recent global disturbances.
IMF Insists on Prudent Macroeconomic Policy
The IMF stated that risks are broadly balanced for Qatar and emphasized the importance of maintaining prudent macroeconomic policy and intensifying reform efforts to support the country’s resilience to shocks and accelerate its economic transformation. Despite various challenges, Qatar seems to be on the path to economic success.