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Inflation rate in Qatar declines during February on an annual basis

Inflation Rate In Qatar

Inflation rate in Qatar has declined during February on an annual basis, due to a decrease in prices for four groups, most notably entertainment.

Inflation rate in Qatar

The consumer price index (inflation rate) in Qatar decreased by 0.09% and reached the 97.02 point during last February compared to last January, and recorded a decrease of 1.37% on an annual basis.

The Qatar Planning and Statistics Authority said the decline in the annual inflation rate is due to a decrease in the prices of four groups: entertainment by 13.89%; clothes and shoes by 8.87%; housing, water, electricity, gas and other fuels by 5.83%; and health by 0.20%.

In contrast, the prices of seven groups, led by transportation, rose by 4.36%, followed by communications by 3.92%, education by 3.72%, and restaurants and hotels by 3.13%.

The prices of furniture and household appliances increased by 2.73%, followed by other goods and services by 2.29%. Food and beverages increased  by 0.53%, while the price of the tobacco was stable.

Qatar Financial Centre (QFC ) data of the PMI confirms the continued strong expansion for the Qatari private sector companies that are not related to energy at the beginning of the first quarter of this year.

The indicators of production and new orders recorded an accelerated increase, and the employment index rose for the fifth month in a row.

On the other hand, supply chains remained stable despite the companies’ intensification of purchasing activities.

Companies also managed to maintain high levels of unfinished business during the month of February.

Positive outlook

The expectations of the production index remained positive during the next twelve months, while companies raised the prices of goods and services at one of the fastest rates recorded since the start of the study in April 2017, as the study indicated that companies are adapting to recovering demand conditions.

Recently, data from the Qatar Central Bank showed that foreign reserves and liquidity in foreign currency increased by 2.14% during February, to reach $56.3 billion, on an annual basis.

The data also showed that the state’s official foreign reserves amounted to $40.9 billion in February, supported by an increase in investment in foreign treasury bonds, which amounted to $ 22.6 billion.

Gold reserves also rose by about $3.2 billion, and in return for a decrease in the balances of foreign banks to $14.6 billion.

Also, liquid assets in foreign currency at Qatar Central Bank recorded a growth in February by 4.9% to reach $15.3 billion, on an annual basis.

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