The report places the accumulation of costs of non-oil products at 9. 4% of cost accumulation
The encouraging economic data released this week through the National Centre for Statistics and Information [NCSI] reaffirms the valid political decisions of the Sultanate of Oman taken through ministries under the leadership and sensible leadership of His Majesty Sultan Haitham bin Tarik.
Note trends in the following Omani economic indicators. Producer Price Index (PPI) data from a quarterly survey, conducted through the NCSI, show an accumulation in oil, fuel and derivatives costs. fuel at 48. 4 percent, according to this week’s New Oman Agency (ONA) report.
The report places the accumulation of costs of non-oil products at 9. 4% accumulation in costs in the organization of processing industries and 1. 8% accumulation in the organization of mining, electric power and water.
Prices in several subgroups, among the processing industries, registered variable increases. Food prices to the customer rose 15. 2%, machinery and appliances of mineral matrix 11. 6% and other movable goods 5. 7%. In the food group, the costs of fish, fruits, vegetables and oils increased by 34. 8%, beverages up 8. 6%, dairy up 8. 5%, bakery and miscellaneous foods up 3. 9%, textiles up 11. 7%, footwear up 2. 7%.
In the minerals, machinery and appliances group, the costs of products made from iron, metal or aluminium increased by 35. 7%, compressed empty container products by 15. 4%, crude oil, iron, metal and aluminium by 11. 4% and water heater products by 10. 4%, while the costs of power transformers, cables and household appliances rose by 6. 1%.
In the furniture group, paint and drug costs increased by 13%, chemicals by 11. 6%, rubber and plastics by 6%, cast iron waste by 4. 9% and paper products by 1. 6%, while the costs of glass, cement and marble products fell by 6. 1%.
The PPI is an indicator of the functionality of a country’s production industries. The index measures the average replacement over a given period in the promotion earned by domestic manufacturers of goods and services.
Sometimes moderate inflation is smart for the economy, but customers spend more to buy the same smart products. Market costs are a topic to look for and get. They vary according to customer habits, personal tastes and purchasing power. Prices also depend on production costs, availability of raw fabrics, and supply chain constraints. If supply is lower and demand is higher, distributors increase costs. Regulators interfere to relieve customer stress. Governments subsidize many important consumables in the public interest.
Another positive knowledge of Oman comes from small and medium-sized enterprises (SMEs). The ONA report indicates that 1511 SMEs have implemented a plan that would exercise new employees. are at work.
The programme of the Oman Small and Medium-sized Enterprise Development Authority is commendable, as it empowers small businesses and young job seekers. The authority has so far approved 627 programmes and there are more than 884. The Authority’s plan reaffirms the initiative of the Government of Oman to create tasks for its citizens
The other smart news this week is that an organization of European rating indices places Muscat among the most productive safe cities in the world. Muscat is ranked 17th on the list of the safest cities in the world for the first part of 2022. Abu Dhabi is number one followed through Doha, Qatar, in the rating index published through Numbeo. com, a Serbia-based online page cited through journalists from the BBC, The Independent, The Telegraph, The New York Times and The Washington Post, among other major newspapers around the global.
Creative managers of advertising agencies in Oman would do well to mention this maximum rating in the protection index when writing a text for a tourism sales pitch. Oman has many tourist sites, especially Salalah in the south. Oman has a colorful history of sports and cultural events. With the end of the summer season and GCC’s busiest months approaching, tourism players can take advantage of this maximum protection rating.
[Sudeep Sonawane, a journalist from India, has worked in five countries in the Middle East and Asia. Email: sudeep. sonawane@gmail. com]
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