Gulf Statistics Center: 1.7% GCC Inflation Rate by End of 2024

Consumer price data for the Gulf Cooperation Council (GCC) countries by the end of December 2024, issued by the Gulf Statistics Center, showed a 1.7% increase in the overall inflation rate in the GCC countries, compared to the same month of the previous year.

The data indicated that the increase in the annual general Gulf inflation rate was primarily due to a 5.9% increase in the housing group and a 2.8% increase in the goods and services group. The increase was also due to a 1.8% increase in the culture and entertainment group, a 1.2% increase in the food and beverages group and the education group, a 1.1% increase in the restaurants and hotels group, and a 0.1% increase in the health group. This was offset by a 2.7% decrease in the transportation group, a 1.7% decrease in the furniture and household equipment group, a 1.1% increase in the tobacco group, a 0.9% increase in the communications group, and a 0.2% increase in the clothing and footwear group.

She pointed out that the general Gulf inflation rate was lower than the European Union inflation rate of 2.7%, and was also lower than many of the GCC’s main trading partners in total commodity imports. Brazil recorded the highest inflation rate in December 2024 compared to the same month of the previous year, at 4.8%, followed by Japan at 3.6%, then the Republic of India and the United Kingdom at 3.5%, the United States at 2.9%, Germany at 2.6%, South Korea at 1.9%, France and Italy at 1.3% each, and China at 0.1%.