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FINANCIAL NEWS
Dubai inflation hits 4.2 percent in December
16 Jan 2015
(MENAFN) According to the Dubai Statistics Centre’s data, Dubai’s inflation rate remained flat at 4.2 percent in December in 2014 compared with the same month last year, Gulf News reported.
The center’s data showed that housing and utility costs, which account for almost 44 percent of consumer expenses, jumped 7.7 percent from a year earlier and rose 0.8 per cent from the previous month.
Meanwhile, food and beverage prices, which account for 11 percent of the basket, fell 1.8 percent compared with the corresponding period of 2013 and 3.4 percent in comparison with November.
The inflation rate is forecasted to accelerate to 2.5 percent in 2014 in the UAE federation and 3.0 percent in 2015 from 1.1 per cent in 2013, which was the highest level since 2009.
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