The prices of consumer goods and services in the GCC countries increased over the 12 months to July 2024 by 1.4%
The prices of goods and consumer services in the Gulf Cooperation Council (GCC) countries increased by 1.4% in July 2024 compared to the same month of the previous year.
According to figures issued today by the Statistical Center of the Cooperation Council for the Arab States of the Gulf, the housing group witnessed an increase of 5.8%, the restaurants and hotels group 2.0%, the culture and entertainment group 1.7%, the education group and the goods and services group 1.1% each, and the food and beverage group 1.0%. On the other hand, prices decreased in the health group by -0.3%, the clothing and footwear group -0.7%, the tobacco group -1.0%, the communications group -1.5%, the furniture and household equipment group -2.1%, and the transportation group -2.6%.
Regarding the contributions of the main groups to the general Gulf inflation in July 2024, the housing group contributed 1.6 percentage points to the total Gulf inflation rate of 1.4%, the food and beverages group contributed 0.2 percentage points, and each of the culture and entertainment group, the restaurants and hotels group, and the goods and services group contributed 0.1 percentage points each. In contrast, the transportation group contributed a negative contribution of -0.4 percentage points, the furniture group -0.2 percentage points, and the communications group -0.1 percentage points, while the rest of the groups did not record any significant contribution this month.
The center’s data indicates that consumer prices in the GCC countries rose in their price level in July 2024 compared to the previous month by 0.1%, and the most important groups that witnessed an increase are as follows: the housing group by 0.6%, and each of the tobacco group, the education group, and the restaurants group by 0.1% each, while prices decreased in the transportation group by -0.7%, and each of the clothing and footwear group and the communications group by -0.2% each, and the culture and entertainment group by -0.1%, while the prices of the rest of the groups stabilized at their previous levels.
| Table 1. Aggregate GCC inflation | ||||||||
| Index points, 2018=100 | Change, Percent | |||||||
| Main Groups |
Weights |
July 2023 | June 2024 | July 2024 | July 2024/ June 2024 |
July 2024/ July 2023 |
||
| Consumer Price Index | 100.0% | 108.1 | 109.6 | 109.7 | 0.1 | 1.4 | ||
| Food and beverage | 17.5% | 121.6 | 122.8 | 122.8 | 0.0 | 1.0 | ||
| Tobacco | 0.5% | 118.7 | 117.4 | 117.5 | 0.1 | -1.0 | ||
| Clothing and footwear | 4.5% | 102.4 | 101.8 | 101.6 | -0.2 | -0.7 | ||
| Housing | 27.7% | 96.5 | 101.4 | 102.0 | 0.6 | 5.8 | ||
| Furnishings, | 6.9% | 107.3 | 105.0 | 105.0 | 0.0 | -2.1 | ||
| Health | 1.5% | 103.8 | 103.4 | 103.4 | 0.0 | -0.3 | ||
| Transport | 13.2% | 116.8 | 114.6 | 113.8 | -0.7 | -2.6 | ||
| Communication | 5.4% | 108.0 | 106.5 | 106.4 | -0.2 | -1.5 | ||
| Recreation and culture | 3.5% | 110.9 | 113.0 | 112.9 | -0.1 | 1.7 | ||
| Education | 4.1% | 104.8 | 105.9 | 106.0 | 0.1 | 1.1 | ||
| Restaurants and hotels | 5.2% | 118.8 | 120.9 | 121.1 | 0.1 | 2.0 | ||
| Miscellaneous | 10.0% | 107.8 | 109.0 | 109.0 | 0.0 | 1.1 | ||
GCC CONSUMER PRICE CHANGE, JULY 2024
KEY POINTS: July 2023 to July 2024
THE GCC CONSUMER PRICE INDEX
- The prices of consumer goods and services (in the Gulf Cooperation Council countries increased by 1.4% over the 12 months to July 2024.
- the housing group increased by 5.8% compared to the same period of the previous year, the restaurants and hotels group 2.0%, the culture and entertainment group 1.7%, the education group and the goods and services group 1.1% each, and the food and beverage group 1.0%. On the other hand, prices decreased in the health group by -0.3%, the clothing and footwear group -0.7%, the tobacco group -1.0%, the communications group -1.5%, the furniture and household equipment group -2.1%, and the transportation group -2.6%.
CONTRIBUTIONS TO PRICE CHANGE OVER THE 12 MONTHS
- The most significant contributors to the GCC Inflation were:
- Housing group contributed 1.6 percentage points.
- Food 0.2 percentage points.
- Recreation, Restaurant & Hotels and Goods & Services groups by 0.1 percentage points each.
- Transport group -0.4 percentage points.
- Furnishings group contributed -0.2 percentage points.
- Communication group -0.1 percentage points.
- While the rest of the groups did not record any contribution this month.
KEY POINTS: June 2024 to July 2024
THE GCC CONSUMER PRICE INDEX
- GCC overall consumer price have increased by 0.1% in their price level in July 2024 compared to the previous month.
OVERVIEW OF CPI MOVEMENTS IN July 2024
- The housing group by 0.6%, and each of the tobacco group, the education group, and the restaurants group by 0.1% each, while prices decreased in the transportation group by
-0.7%, and each of the clothing and footwear group and the communications group by
-0.2% each, and the culture and entertainment group by -0.1%, while the prices of the rest of the groups stabilized at their previous levels.
Further information and statistics are available from the GCC-Stat website: http://www.gccstat.org
For more details on the construction of the GCC index of consumer price change, see (https://www.gccstat.org/images/gccstat/docman/Standards/GCC-CPI-Methodology_2020_1.pdf)
