Cost of living on the rise in Qatar

Cost of living on the rise in Qatar
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Published October 15th, 2012 - 08:50 GMT via SyndiGate.info

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The cost of living in Qatar is on the rise
The cost of living in Qatar is on the rise

Qatar’s cost of living, based on consumer price index (CPI), rose 2% year-on-year (y-o-y) in September mainly on costlier food. The CPI for September 2012 was up 0.40% from August 2012, figures released by the Qatar Statistics Authority (QSA) revealed.

According to the International Monetary Fund, Qatar’s average inflation is expected to be 4%-5% in the medium term. Food, beverages and tobacco, which has a weight of 13.20% in the CPI basket, saw its group index rise 1.80% month-on-month (m-o-m) in September and it was up 3.60% y-o-y.

The food price inflation came after the price freeze, in view of Ramadan, was lifted. Furniture, textiles and home appliances, which has a weight of 8.20% in the CPI basket, saw its group index surge 3.3% y-o-y. It was up 0.20% from August. Entertainment, recreation and culture, which carry a weight of 10.90% in the CPI basket, saw its group index rise 1.5% y-o-y in September while it was down 0.4% from the previous month.

Miscellaneous goods and services, which carry 7.20% weight in the CPI basket, saw its group become costlier by 4.10% y-o-y in August. It gained 1.70% from the previous month. Garments and footwear, which carry 5.80% in the CPI basket, saw their price spurt 1.60% y-o-y in September and it was up 0.30% from August 2012.

Transport and Communication, which has a weight of 20.50% in the CPI basket, witnessed its index gain 3.1% y-o-y in September whereas the index fell 1.20% from the previous month’s level, which was mainly due to the drop in the air ticket fares. Medical care and medical services group, which has 2% weight, reported a 0.30% increase y-o-y in September and was flat compared to the previous month.

However, rent, fuel and energy group, which is the most influential and carries the maximum weight of 32.20% in the CPI basket, saw its index gain marginally by 0.10% m-o-m in September and the index rose 1% compared to the previous year’s level. “After eliminating the effect of rent, the overall index shows an increase of 0.20% compared to the CPI of August 2012 and an increase of 2.90% when compared to September 2011,” the QSA spokesman said.

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© Gulf Times Newspaper 2012

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