Oman imports price index down 1.5 per cent

The reduction in the IPI is due to a drop in the prices of non-food raw materials

Dubai: The import price index (IPI) in Oman decreased by 1.5 per cent at the end of the second quarter of 2024 compared to the same period in 2023. This marks a 3.3 per cent decline from the first quarter of 2024, as reported by the ministry of economy.

The IPI measures the development in process of the prices of goods.

The reduction in the IPI is primarily due to a significant drop in the prices of non-food raw materials, excluding fuel, which fell by 19.9 per cent by the end of the second quarter of 2024 compared to the previous year.

Several categories experienced price declines compared to the same period in 2023, including: mineral fuels and lubricants (down 17.4 per cent), machinery and transport equipment (down 8.1 per cent), and vegetable and animal oils, fats, and waxes (down 10.3 per cent).

However, prices for vegetable and animal oils, fats, and waxes saw a 3.7 per cent increase from the first quarter of 2024. Conversely, certain categories experienced price increases compared to the same period in 2023: various products (up 17.1 per cent), chemicals and related products (up 16.2 per cent), drinks and tobacco (up 33.1 per cent), and food and live animals (up 6.3 per cent).