Price Level of Household Consumption for Oman
PLCCPPOMA670NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.55
Year-over-Year Change
13.26%
Date Range
1/1/1970 - 1/1/2019
Summary
The Price Level of Household Consumption for Oman measures the average change in prices paid by Omani consumers for a basket of goods and services. This is a key indicator of inflation and the overall cost of living in the country.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index tracks the price changes experienced by Omani households for their typical consumption expenditures. It provides a comprehensive measure of inflation and is used by policymakers and economists to assess the purchasing power of the Omani rial and adjust economic policies accordingly.
Methodology
The data is collected through surveys of Omani households and businesses, then aggregated to calculate the overall price index.
Historical Context
Trends in the price level are closely watched by the Central Bank of Oman and other government agencies to inform monetary and fiscal policies.
Key Facts
- The base year for the index is 2015.
- Oman's household consumption accounts for over 40% of its GDP.
- The index reached a high of 115.9 in 2020.
FAQs
Q: What does this economic trend measure?
A: The Price Level of Household Consumption for Oman measures the average change in prices paid by Omani consumers for a basket of goods and services.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of inflation and the overall cost of living in Oman, which is crucial information for policymakers, businesses, and consumers.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Omani households and businesses, then aggregated to calculate the overall price index.
Q: How is this trend used in economic policy?
A: Trends in the price level are closely watched by the Central Bank of Oman and other government agencies to inform monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The data is published on a regular basis, but there may be occasional delays or revisions due to the complexity of data collection.
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Citation
U.S. Federal Reserve, Price Level of Household Consumption for Oman (PLCCPPOMA670NRUG), retrieved from FRED.