Oman's Consumer Price Index (CPI), an indicator of inflation, increased by a record 10.6 percent in the first quarter of 2008 on a year-on-year basis, the English newspaper Oman Daily Observer reported Sunday.
The hike in CPI stood at 9.7 percent, 10.6 percent and 11.3 percent in January, February and March 2008 respectively, compared with the corresponding period last year, said a latest report by Omani Ministry of National Economy.
Strong domestic demand, massive growth in liquidity, and the continued depreciation of Omani rial against the currencies of the major non-GCC (Gulf Cooperation Council) importing countries were the main factors fueling the inflation, according to the report.
The report showed food, rents and gold in the personal care group of products were the usual drivers of CPI increases in the first three months of 2008.
Food and beverage prices increased 18.7 percent in the first quarter of 2008, with fish prices rising 43.3 percent, cereals 30.8 percent, dairy products 23.4 percent, meat and poultry 18.2 percent and fruit 15.8 percent over the same period, the report said.
Gold and jewelry prices increased 38.8 percent in the first three months of 2008 over the same period of 2007, according to the report.
The first quarter of 2008 also saw the greatest increase in CPI from one quarter to another with an increase of 3.8 percent over the fourth quarter of 2007, the report revealed.
Source: Xinhua
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