Hamood Sangour Al Zadjali said the six Gulf Cooperation Council (GCC) members have created special committees to work on the project following a decline in inflation rates in the region this year.
"We discussed steps to realign statistics to ensure there is a common ground to determine the inflation rate in the GCC. Concrete steps are being taken so the authorities should combine their efforts to have more realistic figures on inflation," Zadjali said after the meeting of the GCC central bank governors.
"Several committees have been set up for this purpose and they are working on a common ground for calculating inflation by adopting recognised international standards. We have noticed inflation rates have come down because of supply-demand factors, the strengthening of the dollar and other factors. We are pushing ahead with those plans to reach a common ground."
The GCC was created in 1981. A year later, the six members signed an economic pact that involves creation of a customs union, a common market and a currency union. The first two projects have materialised, while the monetary union could be launched in 2010 by four members following the withdrawal of the UAE and Oman.
Inflation hit double digit in most GCC countries last year, but it has sharply declined over the past few months.
Inflation last year was estimated at 15 per cent in Qatar, 12.3 per cent in the UAE, 12 per cent in Oman, 10 per cent in Kuwait, 9.9 per cent in Saudi Arabia and 3.5 per cent in Bahrain.
