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Qatar’s stock market headed for its tenth straight losing session on Sunday as the country’s index slipped 0.5 percent with Doha Bank dropping 2.6 percent.
Food prices jumped after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Doha on June 5, closing Qatar’s land border with Saudi Arabia – across which many perishable goods had been imported – and disrupting maritime shipping routes.
Food and beverage prices climbed 4.5 percent from a year earlier in July, their fastest increase since at least 2014, and shot up 4.2 percent from the previous month.
In August, however, food and beverage prices only rose 2.8 percent from a year ago and fell back 0.6 percent from July, suggesting Qatar had succeeded in establishing new channels to obtain food economically.
Qatari shipping lines, which lost the use of Dubai as a trans-shipment centre because of the sanctions, have been establishing new services via Oman, Kuwait and the Indian subcontinent. Qatari food processors have boosted their operations to make up for the disruption to imports.
Last Update: Sunday, 17 September 2017 KSA 14:34 – GMT 11:34