Qatar’s restrictions on gatherings and social meetings in view of the pandemic Covid-19 had “substantially” hit recreation, whose index plunged in double-digit to overall pull down the country’s consumer price index (CPI) inflation in March 2020, according to the official estimates.
Qatar’s cost of living, based on CPI inflation, declined 1.4% year-on-year an 0.94% month-on-month in March 2020 said the estimates released by the Planning and Statistics Authority (PSA).
The International Monetary Fund, in its Article IV consultation with Qatar, said inflation is projected to peak at 3.7% in 2020 with the introduction of a value added tax, but converge to 2% in the medium term.
The index of recreation and culture, which has 11.13% weight in the CPI basket, saw 13.26% and 9.18% shrinkage both year-on-year and month-on-month respectively this March.
The index of clothing and footwear, which has a 5.58% weight in the CPI basket, plunged 5.34% and 1.95% on yearly and monthly basis respectively in March 2020.
The index of housing, water, electricity and other fuels – with a weight of 21.17% in the CPI basket – saw a 4.14% and 0.32% decline year-on-year and month-on-month respectively in March 2020.
The CPI of March 2020 excluding “housing, water, electricity, gas and other fuels, fell 0.58% year-on-year and 1.11% month-on-month.
Communication, which carries 5.23% weight, saw its group index shrank 2.44% on yearly basis but was flat month-on-month in March 2020.
In the case of furniture and household equipment, which has a 7.88% weight in the CPI basket, the index was down 0.32% year-on-year but rose 0.12% month-on-month in March 2020.
However, the index of transport, which has a 14.59% weight, shot up 5.33% and 1.31% on yearly and monthly basis respectively in March this year. The sector has the direct linkage to the dismantling of administered prices in petrol and diesel.
The price of super gasoline witnessed a year-on-year increase of 3% in March 2020, while it plummeted 11% on a monthly basis. In the case of premium gasoline, it also soared 3% on yearly basis; whereas it declined 9% month-on-month. Diesel price saw 8% and 11% decline both yearly and monthly.
The index of restaurants and hotels, which has a 6.61% weight, shot up 4.54% year-on-year; while it saw a 0.46% decline month-on-month in the review period.
The index of health, which carries 2.65% weight, witnessed 3.07% surge on yearly basis but was unchanged on monthly basis in March this year.
Miscellaneous goods and services, with a 5.65% weight, saw its index gain 1.95% year-on-year, but fell 0.12% month-on-month in March 2020.
Education, with a 5.78% weight, saw its index tread a flat course on a monthly basis but registered a 1.18% growth on a yearly basis in March this year.
Food and beverages, which has a weight of 13.45% in the CPI basket, witnessed a 0.44% increase year-on-year; while it fell 0.11% month-on-month respectively in March 2020.
The tobacco index, which has a 0.28% weight, was flat both on yearly and monthly basis in the review period.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
UK car dealership motors out of virus lockdown
EU, UK to step up Brexit talks despite limited progress
Toyota bets on China fuel cell future with FAW and other automakers
Strong ‘Made in Qatar’ trademark growth seen despite blockade: Qatari entrepreneur
China takes initial steps towards $3tn real estate market
Record wave of local debt in China leaves foreigners wary
Asia equity markets extend rally on massive stimulus
Insurance sector in Qatar expected to rebound in 2021: A M Best
European markets end massively higher on easing of lockdowns