Macroeconomic indicators -Oman inflation down for 6th straight month
Wednesday, 01 Jul 2009
Reuters quoted the Ministry of National Economy said on Monday said that annual inflation in Oman fell for a 6th straight month to 3.9% in May, the lowest rate in 31 months. Inflation fell from 4.9% in April. The ministry did not give a breakdown of the figure.
Inflationary pressures have dropped off quickly across the oil exporting region as oil prices fell from peaks of USD 147 a barrel last July and the dollar strengthened, easing import costs for states like Oman that peg their currencies to the US currency.
Oman's annual inflation rate peaked at almost 14% in the middle of last year. Oil prices have recovered to around USD 70 a barrel after falling to the mid USD 30 range earlier this year.
