Monday, May 5, 2008

Reuters: Inflation in GCC countries to exceed 9% in 2008.

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Reuters: Inflation in GCC countries to exceed 9% in 2008. The inflation rate in GCC countries will probably increase to at least 9% in 2008, Reuters reported. The main causes behind this are the increasing process of rents and global commodity in addition to falling interest rates spur lending. Giyas Gokkent, head of research at the National Bank of Abu Dhabi (NBAD), said that the possibility of double-digit inflation across the Gulf might happen, showing that H1 of 2008 is the period when price pressures intensify. In dollar-pegged Saudi Arabia and Oman , average inflation may more than double as the weaker US currency makes some imports to the GCC more expensive.

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Reuters: Inflation in GCC countries to exceed 9% in 2008.

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