UAE August Inflation At 4.9%, Highest Since February 2009
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UAE consumer inflation rose 4.9% Y-Y in August, while it rose 0.9% M-M
The United Arab Emirates National Bureau of Statistics released the following August consumer price data, showing inflation at its highest mark since February 2009.
UAE consumer inflation rose 4.9% Y-Y in August while it rose 0.9% M-M.
Housing and utility costs, which account for over 39% of consumer expenses, jumped 9.9% from a year earlier in August and rose 0.1% from the previous month. Abu Dhabi, the biggest emirate in the UAE, hiked electricity and water tariffs from 1 January 2015.
Food and soft drink prices, which account for nearly 14% of the basket, rose 0.6% Y-Y and fell 0.5% M-M.
Transportation prices jumped 10.7% Y-Y, and 10.6% M-M in August after the UAE switched from fixed fuel prices to a formula based on global Crude Oil price.
Have a terrific weekend.
HeffX-LTN
Paul Ebeling
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