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Inflation slows
Inflation in Oman fell month-on-month to 6.9 percent in March, down from 7.9 and 9.4 percent in February and January, respectively. International press report that the country’s inflation is decreasing as food prices, which have the most weight in Oman’s index, continue to inch down. This is the lowest that the country’s inflation levels have been since August 2007.
Wheat imports drop
Algeria, one of the world’s top importers of grain, decreased the volume of its wheat imports in the first three months of 2009 by almost 50 percent year-on-year. According to international press, Algeria spent $539.4 million on these imports, compared to $1.37 billion in the first quarter of 2008. Algeria’s government intends to increase the country’s annual production of certain products, including wheat.
UAE bans Egyptian dairy imports
A UAE ban prohibiting imports of Egyptian dairy products became effective on May 4. The ban on milk and cheese products from Egypt follows a similar ban in March against animal products in a preventive measure designed to halt the spread of foot and mouth disease in the UAE.
Tarek Tawfi, the chairman of Egypt’s Chamber of Food Industries, was quoted by international press as saying that Egypt’s exports of dairy products are sizeable, worth LE 2.8 billion a year. He noted that Egyptian dairy exports to the UAE are worth an annual LE 35 million.
Output plunges
Turkey’s industrial output dropped by 20.9 percent year-on-year in March. The drop followed a record industrial output low of 23.7 percent a month before, and a general trend of economic decline in the country since August of last year.
Oil exports suspended
The export of oil from Kuwait was suspended for one day, May 7, due to high wind and poor weather conditions. International press reported that all exports of crude oil and oil products were to be halted, and new tankers would not be received until the bad weather subsided. Ahmad al-Muzaiel, spokesman for state refiner Kuwait National Petroleum Co. (KNPC), was quoted by press as announcing the resumption of exports on May 8.
Inflation down
Inflation in Bahrain continued to decline in 2009, falling to 3.3 percent in April, down from 4.3 percent in March. The government statistics agency attributes this decline largely to falling prices for food and non-alcoholic beverages. The International Monetary Fund expects Bahrain’s average annual inflation rate to decrease to 3 percent this year, down from 3.5 percent last year.
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