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Annual inflation rises in Oman during May

inflation in Oman

Muscat, (Business News Report)|| The annual inflation in the Sultanate of Oman rose during the month of May by 2.4%, in light of the rise in prices globally due to the impact of the Russian-Ukrainian war.

Data from the National Center for Statistics and Information showed that inflation rose by 2.4% in May, compared to the same month last year.

On a monthly basis, the inflation rate decreased to 2.67% in April 2022, after it was 3.6% in March 2022.

The annual inflation rate was 4.0% in February 2022 and 4.4% in January of this year.

The CPI covers consumer spending incurred by households, and does not include spending on loan installments, income tax, home purchases, stocks or any other financial assets.

The IMF expects inflation in Oman to peak at 3.7% in 2022 before declining to 1.9% by 2025.

In a separate context, Oman welcomed the final statement of the IMF mission after the  conclusion of its visit to the Sultanate is in preparation for the 2022 Article IV consultation mission.

The mission valued the discussions held with representatives of the Central Bank of Oman and the ministries of Finance and Economy, the Omani Investment Authority, the National Center for Statistics and Information, and a number of other agencies.

The mission expressed its appreciation for the efforts made by the Government of Oman to mitigate the effects of the pandemic and its progress towards recovery and financial measures directed at social support and helping companies to recover economically from the effects of the pandemic.

It appreciated the role of the control measures taken by the government in terms of public finances and the efforts made by the Central Bank of Oman to strengthen the regulatory and supervisory frameworks.

In terms of future prospects, real GDP witnessed a growth of 3% in 2021, and is expected to grow at a rate of 4.5% in 2022, driven mainly by the growth of oil activities.

The IMF also expects the financial indicators of Oman to improve by achieving a fiscal surplus estimated at 5.5% of the GDP in 2022, with the continuation of fiscal surpluses in the medium term, and a decrease in public debt from about 63% of GDP in 2021 to 45% in 2022.

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