Headline inflation rates have increased in almost all countries in the region since the turn of the year reflecting a combination of price pressures as economies re-open, higher food inflation and tax changes, as well as unfavourable base effects created by last year’s slump in global energy prices. The largest increases have been recorded in Qatar, due to stronger energy and services prices, and Oman, due to the recent introduction of VAT. Inflation in Lebanon remains in triple digits and may rise further if subsidies are scrapped and the pound continues to come under pressure on the black market.
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