The Gulf Cooperation Council Statistical Centre (GCC-Stat) announced Sunday that GCC-wide inflation reached 1.7% year-on-year in December 2024, with significant sectoral variations:

Price Increases (Main Drivers)

• Housing: +5.9% (largest contributor)

• Goods & Services: +2.8%

• Culture/Recreation: +1.8%

• Restaurants/Hotels: +1.1%

• Healthcare: +0.1%

• Food/Beverages & Education: +1.2% each

Price Decreases (Mitigating Factors)

• Transportation: -2.7% (steepest decline)

• Furniture/Household Goods: -1.7%

• Tobacco: -1.1%

• Communications: -0.9%

• Clothing/Footwear: -0.2%

Global Comparison (December 2024 YoY):

Institutional Context:

• GCC-Stat (headquartered in Oman) serves as the official statistical authority for the Gulf states

• Mandate includes harmonizing national data and enhancing statistical capacity

• This report supports monetary policy coordination across GCC central banks

Analyst Insight:
*"The sub-2% inflation demonstrates the GCC's relative insulation from global volatility, though housing costs remain a structural challenge,"* noted the Centre's lead economist.