The Statistical Center for the Gulf Cooperation Council (GCC) announced on Monday that the average inflation rate across GCC member states reached 1.7% in 2024, down from 2.2% recorded in 2023.

Sector Analysis:

• Housing led price increases at 5.7%

• Restaurants/Hotels and Culture/Entertainment both rose 1.8%

• Education (1.7%) and Food/Beverages (1.5%) followed

• Healthcare saw a mild 0.2% decline

• Transportation recorded the largest drop at 2%

Historical Trends (2020-2024):
2020: 1.7% → 2021: 2.4% → 2022: 3.1% (peak) → 2023: 2.2% → 2024: 1.7%

International Comparison:
The GCC's 2024 inflation remained below major trade partners:

• Brazil (4.4%)

• India (3.8%)

• UK (3.3%)

• US (2.9%)

• Japan (2.7%)

• EU average (2.6%)

Policy Context:
The results reflect successful GCC economic policies in containing inflationary pressures post-2022 spikes, demonstrating regional stability compared to global market volatility.

Institutional Note:
Headquartered in Oman, the GCC Statistical Center serves as the official source for GCC-wide data, supporting national statistical agencies and planning bodies.