emirates7 - The latest figures from the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) that the average inflation rate across GCC nations reached 1.7% in 2024, down from 2.2% in 2023.
The data highlighted noticeable differences among key spending categories. Housing experienced the sharpest rise at 5.7%, followed by restaurants and hotels, and culture and entertainment—each with a 1.8% increase. Education costs went up by 1.7%, food and beverages by 1.5%, and miscellaneous goods and services by 1.1%.
Conversely, some categories saw a decrease. Health expenses dipped slightly by 0.2%, clothing and footwear dropped by 0.7%, and communication services fell by 1.0%. Tobacco and furniture saw minor increases of 1.1% and 1.6%, respectively, while transport recorded the most significant decline at 2.0%.
Between 2020 and 2024, inflation rates in the GCC region showed relatively mild fluctuations. The rate was 1.7% in 2020, rising to 2.4% in 2021, and peaking at 3.1% in 2022. It then eased to 2.2% in 2023 and further declined to 1.7% in 2024.
These trends reflect the effectiveness of the GCC’s economic strategies in curbing inflation, especially after the surge in 2022, and point to a period of relative economic stability in the region—especially when compared to more volatile global trends.
In 2024, the GCC’s inflation rate remained well below that of several key global trading partners. Brazil posted a 4.4% rate, followed by India at 3.8%, the UK at 3.3%, the US at 2.9%, and Japan at 2.7%. South Korea and Germany reported rates of 2.3%, while France saw a 2.0% increase.
Only China and Italy recorded lower inflation than the GCC, with rates of 0.2% and 1.0%, respectively. The European Union as a whole reported a 2.6% inflation rate.
The data highlighted noticeable differences among key spending categories. Housing experienced the sharpest rise at 5.7%, followed by restaurants and hotels, and culture and entertainment—each with a 1.8% increase. Education costs went up by 1.7%, food and beverages by 1.5%, and miscellaneous goods and services by 1.1%.
Conversely, some categories saw a decrease. Health expenses dipped slightly by 0.2%, clothing and footwear dropped by 0.7%, and communication services fell by 1.0%. Tobacco and furniture saw minor increases of 1.1% and 1.6%, respectively, while transport recorded the most significant decline at 2.0%.
Between 2020 and 2024, inflation rates in the GCC region showed relatively mild fluctuations. The rate was 1.7% in 2020, rising to 2.4% in 2021, and peaking at 3.1% in 2022. It then eased to 2.2% in 2023 and further declined to 1.7% in 2024.
These trends reflect the effectiveness of the GCC’s economic strategies in curbing inflation, especially after the surge in 2022, and point to a period of relative economic stability in the region—especially when compared to more volatile global trends.
In 2024, the GCC’s inflation rate remained well below that of several key global trading partners. Brazil posted a 4.4% rate, followed by India at 3.8%, the UK at 3.3%, the US at 2.9%, and Japan at 2.7%. South Korea and Germany reported rates of 2.3%, while France saw a 2.0% increase.
Only China and Italy recorded lower inflation than the GCC, with rates of 0.2% and 1.0%, respectively. The European Union as a whole reported a 2.6% inflation rate.