The Gulf Cooperation Council (GCC) recorded an average inflation rate of 1.7 percent in 2024, marking a steady decline from 2.2 percent in 2023 and signaling the region’s ongoing economic stability despite global uncertainties.
Data released by the GCC Statistical Centre highlighted that while overall inflation eased, the housing sector saw the sharpest rise at 5.7 percent. Moderate increases were also noted in restaurants and hotels, culture and entertainment (both at 1.8 percent), education (1.7 percent), and food and beverages (1.5 percent).
Conversely, the transport group posted the largest decline at 2.0 percent. Slight drops were also recorded in health (0.2 percent), clothing and footwear (0.7 percent), and communications (1.0 percent). Other sectors like tobacco, furniture, and goods and services registered marginal increases.
The inflation trend in the GCC has followed a consistent pattern since 2020, peaking at 3.1 percent in 2022 before gradually falling over the past two years. This reflects the effectiveness of the region’s economic strategies in curbing inflation following global spikes.
In comparison, the GCC’s 2024 inflation rate remained well below that of many key global economies, including Brazil (4.4 percent), India (3.8 percent), and the US (2.9 percent), underscoring the region’s relative economic resilience.
Only China (0.2 percent) and Italy (1.0 percent) reported lower inflation rates than the GCC, reinforcing its position as one of the more stable economic blocs in a volatile global landscape.
News Source: Emirates News Agency
