Abu Dhabi’s financial sector set to grow 13% in 2023, says senior official 

Abu Dhabi’s financial sector set to grow 13% in 2023, says senior official 
Abu Dhabi’s financial sector set to grow 13% in 2023, says senior official 

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Jeddah - Yasmine El Tohamy - RIYADH: A decline in prices for education, food and non-alcoholic beverages saw Oman’s inflation drop to 0.3 percent in October, compared to a rate of 1.27 percent in the previous month, official data has revealed. 

In October, education costs went down by 2.3 percent, while food and non-alcoholic beverage expenses slipped by 0.6 percent, compared to September, Oman News Agency reported, citing data from the National Center for Statistics and Information.  

The slowdown of inflation during October was also supported by stable prices across key sectors including clothes and footwear, housing and as well as water, electricity, gas and other types of fuel.  

In August, the inflation rate of Oman stood at 0.82 percent, while in July, it was 0.41 percent. 

Additionally, the report disclosed that the 0.3 percent inflation rate recorded in October was also lower compared to the 2.39 percent in the same month of the previous year.  

The annual drop in inflation was attributed to the drop in prices for education and transport which went down by 2.3 percent and 1.4 percent, respectively.  

On the other hand, expenses for miscellaneous goods and services rose annually by 2.6 percent in October, while tobacco products prices surged by 2.4 percent.  

In terms of governorates, the highest inflation rate was registered by Al Dhahirah at 0.6 percent, while the governorates of Dhofar and Muscat registered a rise in inflation rate by 0.4 percent each.  

On the other hand North Al Sharqiyah, South Al Sharqiyah, Al Dakhiliyah and North Al Batinah governates witnessed an inflation rate of 0.2 percent each.  

In October, Jihad Azour, the International Monetary Fund’s director for the Middle East and Central Asia region, stated that inflation is gradually coming under control in the region.   

IMF’s Regional Economic Outlook for the Middle East and Central Asia which was released in May had also echoed identical views and noted that possibilities of a rise in headline and core inflation in oil exporting countries will be low in 2023.  

“Headline and core inflation in many oil-exporting countries like Bahrain, Iraq, Kuwait, Oman, Qatar, and Saudi Arabia remain relatively lower than elsewhere — as subsidies and caps on certain products, the strengthening of the US dollar to which many of the countries peg their currencies, and limited share of food in the consumer price index basket have helped to offset imported inflationary pressures,” said IMF in the report.   

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