Qatar's inflation rate rose 5.9% year-on-year in December 2022, as prices of major commodities and services rose, the state-owned Qatar National Agency (QNA) reported Monday.
The increase in the consumer price index (CPI), a gauge for measuring inflation, in December was mainly due to prices rising in seven commodity groups, including recreation and culture by 25.4%, followed by housing, water, electricity, and other fuels (11.9%), and restaurants and hotels (10.1%), according to QNA. The CPI increased by 1.2% in December compared to the previous month.
Overall, six groups of the main component of CPI witnessed an increase in December from November, including restaurants and hotels. Two other groups fell, namely communications and clothing, while four groups—housing, water, electricity and other fuels, and tobacco—remained unchanged.
The Qatari economy achieved a growth rate at constant prices of 4.3% for the third quarter of 2022, QNA reported last week, citing data released by the Planning and Statistics Authority (PSA).
Qatar's quarterly gross domestic product (GDP) at constant prices is estimated at $48 billion (QAR 175 billion) during the third quarter, compared to $46 billion (QAR 167.8 billion) for the same period a year earlier.
Economic growth showed an increase in the total value added of the mining and quarrying sector by 2.7% on an annual basis, with estimates amounting to $17.6 billion (QAR 64.4 billion).
In November last year, ratings agency S&P Global upgraded Qatar's long-term sovereign credit rating to AA from AA- thanks to improvements in the government’s fiscal position.
