Qatar’s August inflation drops 0.58% as key sectors see price softening 

The figures were released by Qatar’s Planning and Statistics Authority. Shutterstock.
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Updated 21 September 2023
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Qatar’s August inflation drops 0.58% as key sectors see price softening 

RIYADH: Qatar’s consumer price index experienced a monthly decline of 0.58 percent in August, reaching 106.25 points, according to the country’s Planning and Statistics Authority.   

The data showed CPI decreased in six groups, rose in three and remained unchanged in three. 

Among them, recreation and culture experienced a 3.37 percent drop in August compared to July.  

The transport sector softened by 1.65 percent, and clothing and footwear fell 0.99 percent.   

The housing and utilities sectors also declined by 0.79 percent, while miscellaneous goods and services dropped by 0.14 percent.   

A similar trend was observed in the prices of restaurants and hotels, with a slight fall of 0.13 percent.   

However, the food and beverages sector recorded an increase of 1.46 percent, followed by education, which rose by 1.62 percent. The furniture and household equipment sector grew by 0.11 percent.  

In contrast, the tobacco, healthcare, and communication sectors showed no change compared to July. 

Moreover, the country’s CPI witnessed a 2.38 percent surge compared to the same month last year. 

On a year-on-year basis, communication costs in August surged 15.85 percent compared to the year-ago period, followed by a 7.91 percent rise in recreation and culture, 5.7 percent in education and 2.33 percent in furniture and household equipment. 

Additionally, the transport sector saw a year-on-year price increase of 1.85 percent. The housing, water, electricity, other fuel, food and beverages, and health sectors saw price escalations. 

Conversely, there were dips in restaurants and hotels by 4.59 percent in August compared to the same month last year. Clothing, footwear, miscellaneous goods, and services also saw yearly declines, while tobacco remained steady. 

Kuwait CPI rose 0.15% in August  

Kuwait recorded a 0.15 percent monthly increase in its CPI in August, mainly driven by a surge in food, education and clothing prices. 

The inflation figure also saw a 3.82 percent increase in August compared to the same month last year. 

According to data from the country’s Central Bureau of Statistics, food and beverages saw a 5.7 percent yearly increase in August, while the clothing sector saw a 6.97 percent surge. 


Closing Bell: Saudi main index climbs to 10,485 

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Closing Bell: Saudi main index climbs to 10,485 

RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59. 

The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining. 

The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65. 

The MSCI Tadawul Index advanced by 0.13 points to 1,377.44. 

The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38. 

The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85. 

Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95. 

Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03. 

The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28. 

In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80. 

On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co. 

Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement. 

The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company. 

The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026. 

The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.