A sharp decline in Qatari consumer prices in the first three months of 2009 point to a slowdown in domestic demand and could indicate the OPEC oil and gas producer has already experienced annual deflation, HSBC said.
The Qatar Statistics Authority said earlier in May a new consumer price index showed prices fell more than 9 percent in the first quarter compared with the fourth quarter, as housing costs slumped 16 percent and food prices eased.
HSBC said rebasing the data suggested annual consumer prices fell 2.4 percent in the first quarter from inflation of 13.2 percent in the fourth quarter.
He's not the only one saying it;
See here; http://www.qatarliving.com/node/508065