In January 2023, the consumer price index (CPI) in the Sultanate month-on-month decreased by 0.7 per cent as compared to December 2022, contributed by the decrease in non-food group by 0.9 per cent. However, food and non-alcoholic beverages group increased by 0.3 per cent, said the Department of Economic Planning and Statistics , Ministry of Finance and Economy recently.
The month-on-month decrease in the non-food group was contributed by transport 3.9 per cent; recreation and culture 1.3 per cent; and communication 0.1 per cent. The decline for transport was primarily due to the decrease in air fares. On the other hand, the increase in food and non-alcoholic beverages group was caused by the increase in prices of vegetables, fish and seafood, and rice and cereals.
For year-on-year changes, the CPI increased by 1.4 per cent compared to January 2022.
The rise was driven by the increase in prices of food and non-alcoholic beverages, and non-food prices groups by 4.8 per cent and 0.6 per cent respectively.
The year-on-year increase in food and non-alcoholic beverages group was due to the rise in meat 9.5 per cent; rice and cereals 6.6 per cent; and fish and seafood 5.6 per cent. The rise in meat prices, particularly chicken meat, was due to the rising cost of chicken feed.
Meanwhile, the increase in rice and cereals was mainly due to the rising in raw material prices for cakes, pastries, and biscuits. Whereas, the rise in fish and seafood prices was mainly contributed by the increase in price of fresh prawns.
The price increase in non-food group was driven by the rise in prices of miscellaneous goods and services 4.8 per cent; restaurants and hotels 4.4 per cent; and housing, water, electricity, gas and other fuels 2.2 per cent.
The price of miscellaneous goods and services category rose mainly due to the increase in the price of vehicle insurance influenced by the market prices of cars.
Whereas, restaurants and hotels category increased due to the rise in price of contract catering services. Meanwhile, housing, water, electricity, gas and other fuels category prices recorded an increase in accommodation rental rates. The CPI is a measure of price changes of goods and services paid by the consumer in a specified period and compiled on a monthly basis.
The list of goods and services in the CPI is based on the average expenditure per household from the Household Expenditure Survey (HES).
