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Posted On: 1 June 2009 09:14 am
Updated On: 12 November 2020 02:09 pm

Inflation rate falls to record low

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Consumers can take a sigh of relief as prices have begun stabilising. The rate of inflation fell to a record low of 1.3 percent in the first quarter of this year (January to March) as against 13.2 percent in the previous quarter (October to December, 2008). Prices rose marginally in April after having dropped in the first quarter, but the Qatar Statistics Authority (QSA) said, citing figures, that the trend showed price stability. The monthly consumer price index (CPI) was up a slight 0.2 percent in April after a three-month period of continuous fall. The drop in January was a record five percent, while it was 1.1 percent and 1.5 percent in February and March, respectively. The QSA attributed the sharp decline in January to a similar drop in rent, fuel and power prices. Entertainment, transport and communications prices also became cheaper pushing the rate of inflation downward. The trend continued over the next two months but the price curve went slightly upwards in April, showing stability. The drop in the CPI in the first quarter (January to March) was a high 6.2 percent, following 15 consecutive quarters of growth. Most CPI groups recorded decreases in the quarter ending March 31 this year, the QSA said in a report. The QSA said it has completed the final stage of a review of the CPI with the simultaneous release of a new CPI covering the first four months of the current year, up to April. The new CPI is now in line with international standards expected by the QSA’s National Strategy for the Development of Statistics, the report said.