KUWAIT: The Statistical Center for the Cooperation Council for the Arab States of the Gulf (GCC-Stat) announced on Sunday that the general inflation rate across GCC countries rose by 1.7 percent in December 2024, compared to the same period in 2023. According to a report issued by the center, the uptick in inflation was largely driven by higher prices in several key sectors. The housing group recorded the sharpest increase at 5.9 percent, followed by the goods and services group at 2.8 percent, culture and entertainment at 1.8 percent, restaurants and hotels at 1.1 percent, and health at 0.1 percent. Additionally, the food and beverages group and the education sector each saw a 1.2 percent rise in prices.
The report also noted that these increases were partially offset by declines in other categories. Transportation costs dropped by 2.7 percent, furniture and household equipment by 1.7 percent, tobacco by 1.1 percent, communications by 0.9 percent, and clothing and footwear by 0.2 percent. GCC-Stat pointed out that the region’s inflation rate remained below the European Union’s rate of 2.7 percent and was also lower than those of many of the GCC’s primary trading partners. Brazil registered the highest inflation among these countries, with a 4.8 percent year-on-year increase in December 2024.
It was followed by Japan at 3.6 percent, India and the United Kingdom at 3.5 percent each, the United States at 2.9 percent, Germany at 2.6 percent, South Korea at 1.9 percent, and both France and Italy at 1.3 percent. China posted the lowest rate at 0.1 percent. Headquartered in the Sultanate of Oman, GCC-Stat serves as the official statistical authority for the Gulf region. It plays a key role in consolidating statistical data and supporting national statistical offices and planning agencies across the member states. — KUNA
