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Qatar’s cost of living, based on consumer price index (CPI), rose 2.8% year-on-year in April mainly on rising rents and costlier food, garments and entertainment, according to official figures.
The CPI inflation was up 0.2% compared to the previous month, said the Ministry of Development Planning and Statistics, which released the figures yesterday.
In a recent report on Qatar, the International Monetary Fund had said inflation is expected to be benign for this year; while Bank of America Merrill Lynch expects it to “mildly harden” this year.
The rent, fuel and energy group, which is the most influential and carry the maximum weight of 32.2% in the CPI basket, recorded an increase of 6.3% y-o-y in April 2014. The index was up 0.7% from the previous month’s level.
After eliminating the effect of rent, the overall index was up 0.1% from the previous month’s level and “showed an increase of 1.6% when compared to April 2013,” according to ministry figures.
According to QNB’s projection, the country’s inflation is expected to rise to 3.8% in 2014 as higher infrastructure spending will result in a large inflow of workers, putting pressure on housing and prices.
The transport and communication segment, which has a weight of 20.5% in the CPI basket, saw its index gain 1.2% y-o-y in April 2014. It was up 0.1% from the previous month’s level.
However, apprehensions are that transport sector might face higher inflationary pressures in the coming months owing to the recent 50% hike in retail diesel prices.
Food, beverages and tobacco, which has a weight of 13.2% in the CPI basket, saw a 0.6% acceleration y-o-y in April 2014, while it fell 0.4% from March.
Entertainment, recreation and culture, which carries a weight of 10.90% in the CPI basket, saw its group index shoot up 2.7% compared to April 2013 and it was up 0.5% compared to the previous month’s level.
Furniture, textiles and home appliances, which has a weight of 8.2% in the CPI basket, saw its group index surge 5.1% y-o-y in April this year and it was up 0.7% from March 2014.
The garments and footwear group, which carries 5.8% in the CPI basket, saw its price spurt 4% y-o-y in April 2014 and 0.3% against the previous month’s level.
The medical care and medical services group, which has a 2% weight, reported a 0.6% increase y-o-y in April 2014. However, the index was unchanged compared to the previous month’s level.
However the miscellaneous goods and services segment, which has 7.2% weight in the CPI basket, saw its group become cheaper by 1.8% y-o-y in April 2014. The index fell 0.4% from the previous month.
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