Qatar Q3 Consumer Price Index drops 1.51 pct

Published: 11/3/2009 12:38:18 PM

By Maktoob Business

DUBAI - Qatar's consumer price index fell 1.51 percent in the third quarter from the previous quarter, extending its decline, according to Qatar's statistics authority on Tuesday.

Inflation has fallen sharply in the Gulf Arab region as oil prices tumbled after touching record peaks in July, 2008 and the global slowdown hit the world's largest oil producing region.

The Qatar index declined 1.03 percent in the second quarter, a modest amount compared to the steep 6.23 percent fall in the the first three months of the year, the figures showed.

The rents, fuel and power category fell the most in the third quarter, where prices fell by 3.77 percent.

Clothing and footwear prices retreated by 3.06 percent while food prices rose 1.03 percent, after two quarters of decline.

Inflation fell 1.1 percent in September from a month earlier, the authority said last month. Most of September 2009 was taken up by the Islamic holy month of Ramadan -- a period when inflation tends to rise, driven by higher food prices.

Qatar sits on the world's third largest natural gas reserves.

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