Middle East

Oman 50 percent increase in food prices

7 June 2022 , 11:32:49

Oman 50 percent increase in food prices

In the first three months of this year, the price index (PPI) of most of Oman’s products increased by more than 50 percent compared to the same period last year. According to new figures released by the country’s National Bureau of Statistics, the National Center for Statistics and Information, the rise in oil prices has led to a rise in commodity prices.

Prices of food and textiles, fish, fruits, vegetables and oil rose 26.9 percent, dairy products rose 12.6 percent, bakery and other food items rose 4.9 percent and beverages and footwear rose 1.8 percent. Percent. Prices of chemical products rose by 11.6 per cent, paints and pharmaceuticals by 11.63 per cent, rubber and plastics by 8.1 per cent, molten metal waste by 4.8 per cent and paper by 2.2 per cent. Prices of metals, machinery and equipment rose by 36.9 per cent, crude steel and aluminum by 25.4 per cent and power transformers and power distribution equipment and cables by 14 per cent.

According to the National Bureau of Statistics, crude oil prices rose 39 percent and crude oil and natural gas prices rose 6.3 percent. Crude oil prices rose due to 11.5 per cent growth in manufacturing industry. Where mining, electricity and water prices fell 0.9 percent. Prices of most of the sub-groups of the manufacturing industries group have risen by different percentages.

Meanwhile, the country’s economy, which has been hit hard by the Corona epidemic, is recovering through its oil resources. Already, the country’s export earnings have increased by more than 50 percent compared to last year. According to the country’s latest official data, exports to the country increased by about 55.9 percent between January last year and January this year.

According to Oman’s National Bureau of Statistics, the National Center for Statistics and Information, exports from Oman last year amounted to about ৭ 16.145 billion. Of which, the revenue from oil and gas is about 18 billion dollars. And the country earned ৩ 1.32 billion from exports of other goods.

 

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