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FINANCIAL NEWS
Dubai inflation at 0.3% in Oct
15 Nov 2011
(MENAFN) Dubai Statistics Center said that since food prices grew, last month, the emirate’s annual inflation was at 0.3 percent, compared with 0.4 percent in September, reported Arab News.
The center added that since bank lending stayed low and the property sector was weak, consumer price growth was less than 1 percent for most of 2011, moreover, food costs rose 0.5 percent month-on-month after a 1.1 percent increase in September.
It also said that housing prices remained the same as in September at 0.1 percent, whereas transport costs slipped 0.1 percent.
It is worth noting that since the real estate sector was still under pressure; inflation in the UAE in 2011 will probably be lower than 3 percent, according to the UAE central bank governor, Sultan Nasser Al-Suweidi.
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