Oman inflation hits 1.3% fueled by food and drink prices 

Food and non-alcoholic beverages saw an increase of 3.4 percent compared to the same period in the previous year. Shutterstock.
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Updated 26 October 2023
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Oman inflation hits 1.3% fueled by food and drink prices 

RIYADH: Food and beverage prices pushed Oman’s inflation to 1.3 percent in September, latest figures have shown. 

Data released by the National Centre for Statistics showed the rate continued to gather pace after it recorded levels of o.2 percent in July and 0.6 percent in August. 

However, the figure is still lower than September 2022, when it stood at 2.4 percent. 

The consumer price index recorded rises in many categories, with the food and non-alcoholic beverages subgroup registering an increase of 3.4 percent compared to the same period in the previous year. 

The report added that fish and seafood surged by 11.3 percent, while the milk, cheese and eggs subcategory rose by 8.6 percent, and fruit increased by 4.6 percent. 

Moreover, other foodstuffs saw an increase of 4.3 percent, while vegetables recorded a 4 percent rise compared to the same period of 2022. Similarly, oils and fats rose by 3.9 percent, while sugar, jam, honey and sweets registered a 3.3 percent upsurge. 

Additionally, non-alcoholic beverages registered an annual increase of 0.9 percent, while bread and cereals recorded a 0.8 percent rise. The meat group, on the other hand, rose annually by 0.1 percent and by 2.3 percent over the previous month. 

The transport prices fell by 1.37 percent, while the communications sector saw a drop of 0.18 percent. 

Geographically, the NCSI added, Al-Dhahirah recorded the highest inflation rate with 1.6 percent, while Al-Dakhlia and Dhofar registered the lowest rate with 1 percent.   

The report noted that the governorates of Muscat and North Al-Batinah clocked an inflation rate of 1.4 percent, adding that the inflation rate reached 1.3 percent in North Al-Sharqiyah and South Al-Sharqiyah governorates. At the same time, it stabilized in the Al-Buraimi governorate. 

According to Oman News Agency, a rise was also recorded in other main groups, such as miscellaneous goods and services, which rose by 2.68 percent and tobacco, which recorded a 2.35 percent increase. Furthermore, restaurants and hotels registered a 2.27 percent jump, while furniture, household equipment and routine household maintenance recorded a 2.02 percent increase. 

Likewise, housing, water, electricity, gas and other fuel types rose by 1.29 percent, while culture and recreation increased by 1.15 percent. On the other hand, health, clothes and footwear, along with education registered 0.63, 0.45 and 0.05 percent increases, respectively. 

Transport prices went down by 1.37 percent while communications slightly slipped by 0.18 percent. 


Closing Bell: Saudi equity markets end year in green at 10,491 

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Closing Bell: Saudi equity markets end year in green at 10,491 

RIYADH: Saudi equities ended Wednesday’s session higher, with the Tadawul All Share Index rising 109.18 points, or 1.05 percent, to close at 10,490.69, supported by broad-based buying across the main market.  

Gains were mirrored in the blue-chip MT30 index, which added 9.31 points, or 0.68 percent, to finish at 1,387.31. The Nomu Parallel Market also advanced, climbing 255.5 points, or 1.11 percent, to close at 23,296.29.   

Market breadth was firmly positive, with 249 gainers versus just 12 losers on the main market, with SR3.2 billion ($854.2 million) in trade value.  

Among the top gainers, United Cooperative Assurance Co. surged 9.73 percent to close at SR3.72, while Saudi Industrial Export Co. rose 9.18 percent to SR2.26.  

Al Gassim Investment Holding Co. advanced 8.25 percent to SR16.40, and Abdullah Saad Mohammed Abo Moati for Bookstores Co. gained 7.73 percent to end at SR46.  

Gulf General Cooperative Insurance Co. also posted strong gains, closing up 7.67 percent at SR3.93.  

On the downside, Naseej International Trading Co. led the declines, falling 5.87 percent to SR35.30.   

SEDCO Capital REIT Fund edged down 1.03 percent to SR6.70, while Saudi Tadawul Group Holding Co. slipped 0.78 percent to SR140.30.   

Banque Saudi Fransi declined 0.77 percent to SR16.82, and Saudi Co. for Hardware closed 0.76 percent lower at SR25.96.  

On the corporate front, Catrion Catering Holding Co. said it signed a sale and purchase agreement to acquire a 55 percent stake in Al Khaleejah Catering Co., with an option to buy an additional 15 percent within three years.  

The transaction values the acquisition at up to SR 40.86 million, comprising an initial cash payment of SR315.21 million and performance-based earn-out payments of up to SR125.65 million, subject to the achievement of specified financial targets.   

The acquisition will be financed through internal funding sources and Shariah-compliant banking facilities and is expected to support Catrion’s expansion strategy in the aviation and catering services sector, with a positive financial impact anticipated by the end of the second quarter of 2026.  

Catrion Catering Holding Co. closed Wednesday’s session at SR80.35, up SR3.35, representing a 4.35 percent gain  

Purity for Information Technology Co. announced the signing of a contract with the Social Development Bank to provide managed cloud system services.   

The contract is valued at SR6.92 million, including VAT, and will run for a duration of 36 months.   

Under the agreement, Purity will deliver managed cloud services aimed at enhancing system reliability, service availability, and overall operational continuity.   

The financial impact of the contract is expected to be reflected in the company’s financial results for the 2025–2026 fiscal year.  

Purity for Information Technology Co. ended the session at SR20.99, rising SR0.54, or 2.64 percent.