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Oman CPI inflation 0.82% y-o-y in Aug-23

- Oman's CPI inflation reached 0.82% year-on-year in August 2023, marking the highest growth since May 2023 and surpassing the previous rate of 0.45%.
- The current inflation is 0.69 percentage points below the one-year average and 1.40 percentage points below the long-run average, signifying subdued inflationary pressure in Oman's economy.

Oman M2 money supply 4.93% y-o-y in Jul-23

- Oman's M2 money supply experienced robust year-on-year growth of 4.93% in July 2023, surpassing the one-year average by 2.34 percentage points.
- Although Oman's total credit showed a 5.14% year-on-year growth in June 2023, it is crucial to examine this figure in conjunction with other economic indicators.

Oman CPI inflation 0.45% y-o-y in Jul-23

- Oman's CPI inflation rate in July 2023 was 0.45% year-on-year, marking the lowest growth since March 2021.
- The current inflation rate is 1.20 percentage points below the one-year average and 1.78 percentage points below the long-run average.

Oil: On the Other Hand…

• A 15% increase in the price of Brent since early July re-energised the oil bulls. However, forces continue pulling in both directions, suggesting that a price in the US$80-90pb range at year-end is still more likely than USD100.

By Alastair Newton