FINANCIAL NEWS

Dubai sees consumer prices up in May

18 Jun 2010

(MENAFN) Official data showed that Dubai�s consumer prices recovered in May, growing up 0.78 percent month-on-month, after declining for six months, Reuters reported.

This rise was attributed to increasing housing costs and food prices during the month. That reversed a 0.90 percent decline in April, the biggest monthly decline since at least 2008, Dubai Statistics Center said.

Compared with a year earlier, prices in May grew 0.48 percent after dipping 0.06 percent in April, the first annual decline since at least 2008, according to the statistics office. Historical data beyond 2008, when annual inflation reached a peak of 10.8 percent, is not available.

The UAE has yet to release federal inflation data for May. Consumer prices in the UAE grew by 0.79 percent year-on-year in April and dropped 0.04 percent on the month.

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