Oman’s Import Price Index Declines 1.5%

The import price index (IPI) in the Sultanate of Oman went down by 1.5 percent at the end of the second quarter of 2024, compared to the corresponding period in 2023. The drop stands at 3.3 percent when compared to the first quarter of 2024, according to the Ministry of Economy. The drop in the IPI is attributed mainly to the decline in the prices of the group of non-food raw materials excluding fuel (19.9 percent) by the end of the second quarter of 2024 compared to the corresponding period. The following groups witnessed drops when compared to the corresponding period in 2023 as follows: mineral fuels and mineral lubricants (17.4%), machinery and transport equipment (8.1%), vegetable and animal oils, fats and waxes (10.3%). Prices of vegetable and animal oils, fats and waxes increased by 3.7% when compared to the first quarter of 2024. Meanwhile, the following groups registered increases when compared to the corresponding period in 2023: various products (17.1%), chemicals and related products (16.2%), drinks and tobacco (33.1%), food and live animal (6.3%). Source: Oman News Agency