Arab Today, arab today qatar\s inflation rises to highest level since 2010
Last Updated : GMT 07:53:53
Arab Today, arab today
Arab Today, arab today

Qatar\'s inflation rises to highest level since 2010

Arab Today, arab today

Arab Today, arab today Qatar\'s inflation rises to highest level since 2010

Doha - Arabstoday

Annual consumer price inflation in Qatar rose to 2.2 percent in September because of a jump in food costs, reaching its highest level since at least the beginning of 2010, when the Statistics Authority began publishing year-on-year data. The inflation rate climbed from 2.1 percent in August, continuing this year\'s uptrend from 1.6 percent in January. Qatar resumed experiencing inflation last December after a protracted period of deflation. Consumer prices rose 0.1 percent month-on-month in September after a 0.2 percent increase in August, data from the Statistics Authority showed on Thursday. \"On a monthly basis, food was the most important category driving inflation up,\" said Giyas Gokkent, chief economist at National Bank of Abu Dhabi. \"Qatar is what we call a small open economy. Global inflation developments matter a lot to price developments in Qatar.\" Food prices, which account for 13.2 percent of the consumer basket, gained 1.5 percent month-on-month in September after a 1.8 percent drop in the previous month. The rents, fuel and energy component, which makes up 32.2 percent of the weighting, dropped 0.8 percent after a 0.5 percent decrease in August. Analysts polled by Reuters in September predicted Qatar would see average inflation of 2.7 percent in 2011, after deflation of 2.4 percent last year .

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