Dubai inflation hits four-year low

16 Mar 2012

(MENAFN) Dubai’s consumer inflation prices dropped to the lowest since records began four years ago in February, over a property oversupply that prevailed since 2009, Reuters reported.

The slump in Dubai’s property sector and slow bank lending held inflation below 1 percent for most of last year, and the Gulf emirate entered deflationary territory in January when consumer prices fell 0.7 percent compared to the previous year.

February consumer prices fell 0.6 percent month-on-month after a 0.9 percent fall in January, According to data from the Dubai Statistics Center.

Dubai’s aggressive building drive has resulted in a glut, with thousands of new residential and commercial units still set to enter the Dubai real estate market, with prices plunging by more than 60 percent from their 2008 peak.

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