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Posted On: 25 February 2009 08:59 am
Updated On: 12 November 2020 02:09 pm

Cost of living in Qatar is declining, says expert

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The cost of living in the country, which has been escalating for the past few years putting strains on the common man, is set to considerably dip this year. The rate of inflation which was high as 15 percent in 2008, is forecast by a senior economist of a prominent international bank to be around eight percent this year. “Annual inflation in the country was 15.2 percent last year and is set to decline to eight percent this year and to a relatively lower 7.5 percent the next year,” said Philippe Dauba-Pantanacce, senior economist (for Middle East & North Africa Global Markets), Standard Chartered Bank. Replying to questions at a press briefing after presenting a report on Qatar’s economic outlook for the current year here yesterday, Dauba-Pantanacce said that due to fast-paced economic growth, Qatar had been facing higher inflation. “The situation is going to substantially ease this year as inflation will slow down due to a variety of factors,” he added. First, the agricultural and commodity prices are falling worldwide and, secondly, house rentals, which have been a major contributor to the escalating prices, are showing signs of decline. The rentals have risen by as much as 30 percent recently but that kind of jump was not expected this year, the economist said. “The rise this year would be much less.”