The Gulf Cooperation Council (GCC) countries experienced a 1.7% increase in their overall inflation rate at the end of October 2024 compared to the same month in the previous year, according to data from the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).
This surge is primarily attributed to a 6.4% increase in housing prices, a 3% rise in goods and services, and a 1.7% uptick in restaurant and hotel prices. Other contributing sectors include culture and entertainment (1.4%), education (1.2%), and food and beverages (0.8%).
Conversely, transportation prices decreased by 3.6%, furniture and household equipment by 1.9%, tobacco by 1.1%, communications by 0.9%, and clothing and footwear by 0.4%. Health sector prices remained stable. Among the GCC countries, Kuwait recorded the highest inflation rate in October 2024 at 2.4%, followed by Saudi Arabia at 1.9%, Qatar at 0.9%, Oman at 0.8%, and Bahrain at 0.3%. The GCC’s overall inflation rate was lower than the European Union’s rate of 2.3% for the same period.
