By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Oman’s import price index drops by 1.5%
Share
Notification Show More
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Oman’s import price index drops by 1.5%
Business

Oman’s import price index drops by 1.5%

News Room
Last updated: 2024/10/02 at 2:51 PM
News Room
Share
3 Min Read
SHARE

The Import Price Index (IPI) in the Sultanate of Oman saw a decrease of 1.5 percent at the end of the second quarter of 2024 compared to the same period in 2023. This drop worsened to 3.3 percent when compared to the first quarter of 2024, according to the Ministry of Economy. The main reason for the decline in the IPI is the decrease in prices of non-food raw materials excluding fuel by 19.9 percent at the end of the second quarter of 2024. Various other groups also experienced drops in prices, such as mineral fuels and mineral lubricants, machinery and transport equipment, and vegetable and animal oils, fats, and waxes.

Despite the overall decline in prices, some groups saw an increase compared to the corresponding period in 2023. Various products witnessed a 17.1 percent increase, chemicals and related products increased by 16.2 percent, drinks and tobacco saw a significant 33.1 percent increase, and food and live animals increased by 6.3 percent. Furthermore, vegetable and animal oils, fats, and waxes also increased by 3.7 percent when compared to the first quarter of 2024. These fluctuations in prices across different groups reflect the dynamic nature of the import market in Oman.

The Ministry of Economy’s data highlights both the challenges and opportunities present in the import market in Oman. The decrease in prices of certain raw materials and products indicates a potential strain on the economy, particularly for businesses that rely on importing these goods. On the other hand, the increase in prices for other products presents opportunities for growth and profitability. Understanding these trends and making informed decisions based on this data is crucial for businesses operating in Oman’s import market.

Businesses operating in Oman’s import market should closely monitor the fluctuations in prices of various goods and raw materials to make strategic decisions. By keeping track of the Import Price Index and analyzing the price changes in different groups, businesses can adapt their strategies to capitalize on opportunities and mitigate risks. This proactive approach can help businesses stay competitive in a dynamic market and ensure long-term success.

In conclusion, the import price index in the Sultanate of Oman experienced a decline at the end of the second quarter of 2024 compared to previous periods. While some groups saw decreases in prices, others experienced an increase, highlighting the volatility of the import market. By staying informed about these price fluctuations and making strategic decisions based on the data provided by the Ministry of Economy, businesses in Oman can navigate the import market effectively and drive growth and profitability.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room October 2, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Review of The Artisan Restaurant: A Culinary Experience full of Creativity and Artistry
Next Article One person seriously injured after falling into water tank in South Al Batinah, Oman – Times of Oman
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Tech

Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World

July 1, 2025
Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessGulfUAE

Muhammad Umair Saeed: The Billionaire Tech Architect Powering AI, Drones, Blockchain & Cybersecurity from Dubai to the World

May 10, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
Business

NTT DATA Business Solutions Expands Presence in UAE with Stronger Regional Leadership

March 28, 2025

Sustainable Moving Services: How Dubai’s Moving Companies Are Going Green

February 20, 2025
Tech

CNTXT and Oracle Strengthen AI Collaboration to Drive Innovation

February 14, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?