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Qatar’s inflation rate has risen dramatically in recent years, primarily due to the economic challenges posed by the global pandemic.
The consumer price index (CPI), which monitors inflation in Qatar, grew by 4.42% on an annual basis to reach 101.48 points last month. That was a monthly increase of 0.58% compared to February.
Simply put, inflation is the increasing cost of everything around you with the gradual decline in the value of your money. It is the general progressive increase in the price of goods and services in a given economy over time.
As a result of increasing inflation, products and services are now more expensive than they were previously.
The index includes 12 main groups of consumer goods, under which 737 goods and services fall.
Inflation in Qatar reaches record high
According to data released on Wednesday by the Qatar Planning and Statistics Authority, the annual rise in the index was due to price increases in eight categories, including entertainment and culture, goods and services, food and beverages, housing, water, electricity, and gas.
The remaining groups, which include health, restaurants, hotels, clothing, and shoes, saw modest annual decreases ranging from 3% to 0.44%, while the tobacco group remained unchanged.
In terms of the index’s monthly change, the statistics show an increase in six categories, including entertainment and culture, housing, water, electricity, gas, and transportation, with a minor increase that is closer to stability for the category of furniture and household appliances.
Read more: Inflation in Qatar reaches record high
In March, there was no change from February in the tobacco, health, communications, and education sectors.
In this backdrop, the Qatar PMI, which measures the performance of the non-oil private sector, increased to 61.8 points last month from 61.3 points in February, with the output and new orders indicators supporting the increase.
The surplus of Qatar’s merchandise trade balance increased by 69.5% in February to 22.4 billion riyals (6.15 billion dollars) on an annual basis, owing to increased exports and higher international gas prices.
According to figures from the Planning and Statistics Authority, the value of Qatari exports, which include both local and re-exports, reached 31.9 billion riyals in February, an increase of 54.6% over February 2021 and a reduction of 10.3 percent over January.
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