Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
GCC inflation rises 1.4%, led by surging home prices
Posted on October 4, 2024 |
In July 2024, prices for goods and services in Gulf states went up by 1.4% compared to last year.
Housing costs saw the biggest increase at 5.8%, while restaurant and hotel prices rose by 2%, and the culture and entertainment sector grew by 1.7%.
Food and beverage prices climbed by 1%, but other areas like health, clothing, footwear, tobacco, transportation, and household items saw small price drops.
The IMF predicted that inflation in the GCC would average 2.3% in 2024, lower than 2.6% in 2023.
Inflation has mostly returned to pre-pandemic levels due to interest rate hikes.
Housing costs continue to be the main driver of inflation, despite overall easing in other sectors.