Omani inflation rises to 4.7%

According to the TimesofOman.com, there has been a 62% increase in consumer inflation here in the Sultanate of Oman compared to the last record of 2.9% back in June 2006.

As it stated;

“Increase in rent can be attributed to the arrival of expatriate workers in large numbers. As at the end of June 2007, the number of expatriates working in the private sector stood at 570,226 as against 510,713 in December 2006. The private sector recruited more 59,000 expatriates in six months,” sources said.

Meaning which, that, due to the Omani Currency - the Omani Riyal - being pegged to the US Dollar, there would be a great depreciation in prices of items bought and sold, & imported and exported between Oman and other countries of the world.

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Link:

- TimesofOman.com: Inflation hits 4.7 per cent on rising prices