Video|27 June 2024
MENA – Inflation rates in the GCC region
Elliot Garside
Assistant Economist
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Kuwait’s inflation remained at 3.2% in May, driven by higher prices in food, clothing, and education.
In contrast, Oman’s inflation rose to 0.9%, up from near-zero levels in Q1, as high food prices were balanced by declines in other areas. For 2024, we forecasted average inflation of 2.9% in Kuwait and 1.0% in Oman.
In other regional news, the UAE Ministry of Finance has launched an initiative to develop local debt capital markets, aiming to enhance the dirham yield curve and support GDP growth, forecasted at 3.8% in 2024.
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