Inflation falls 1.22 per cent in September

MUSCAT: The Monthly Statistical Bulletin issued by the Central Bank of Oman indicated that Oman’s nominal GDP declined by 13.4 per cent during the second quarter of 2020 compared to the same period of last year.

The nominal contraction in the economy was driven by a 20 per cent decline in the hydrocarbon sector, as well as the decline in the nonhydrocarbon sector by 9.9 per cent during the second quarter of 2020.

The oil price averaged $47.7 per barrel during the first eight months of 2020, which is lower by 26.3 per cent over the corresponding period of last year. Moreover, the average daily oil production decreased by 1.4 per cent to 957,300 barrels during this period.

According to the latest data released by the NCSI, the Sultanate’s Consumer Price Index (CPI) witnessed a year-on-year negative growth of 0.6 per cent during Jan- August 2020. The combined activities of conventional and Islamic banks provide a comprehensive picture of financial intermediation through the banking sector in Oman.

The total outstanding credit extended by other depository corporations (ODCS) grew by 2.0 per cent to RO 26.3 billion at the end of August 2020.

Credit to the private sector rose by 0.6 per cent Y-O-Y to RO 22.8 billion. Of the total credit to the private sector, the non-financial corporate sector and the household sector (mainly under personal loans) received a share of 46.4 per cent and 45.1 per cent, respectively while financial corporations received 5.1 per cent and other sectors 3.4 per cent.

When looking at sector-wise analysis of private sector deposits; the share of households was largest at 50.6 per cent, followed by nonfinancial corporations at 31.7 per cent, financial corporations at 15.3 per cent and the other sectors at 2.4 per cent.

MUSCAT: The Sultanate’s Consumer Price Index (Cpi)-based inflation fell by 1.22 per cent in September 2020 compared to the same month of 2019, according to the latest data released by the National Centre for Statistics and Information (NCSI) on consumer price index.

According to the report, the inflation rate in September fell by 0.43 per cent compared to August 2020. The price of food and non-alcoholic beverages witnessed a rise by 0.40 per cent; health by 0.29 per cent; education by 2.21 per cent and restaurants and hotels by 0.27 per cent.

However, the prices of housing, water, electricity, gas, and other fuels fell by 0.42 per cent; communication by 0.02 per cent; miscellaneous goods and services by 1.14 per cent; and furnishings, household equipment & routine household maintenance by 0.31 per cent in September 2020 compared to the same month of 2019.

Meanwhile, among foods and non-alcoholic beverages category, a marked rise was witnessed in the price of fruits, vegetables and meat by 4.02 per cent, 5.96 per cent and 1.02 per cent respectively.

However, the price of fish and seafood fell by 10.24 per cent, bread and cereals by 0.20 per cent and milk, cheese and eggs by 0.22 per cent.

Non-alcoholic beverages registered a price rise of 0.25 per cent, while those of clothing and footwear fell by 0.56 per cent in September 2020 against the same period of 2019.