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FINANCIAL NEWS
Dubai’s July consumer prices down to 0.62%
18 Aug 2011
(MENAFN) The Dubai Statistics Center said that since housing and electricity prices fell, last month, consumer prices in the emirate grew slowly at an annual rate of 0.62 percent, reported Arabian Business.
The center added that since 2008, property prices in Dubai fell more than 55 percent, moreover, in July; water and electricity prices slipped 3.5 percent whereas food and non-alcohol prices went up 6.1 percent.
It also said that economic growth will surge to 3 percent in Dubai in 2011, furthermore, Dubai’s government sought USD10 billion from the UAE central bank in addition to another USD10 billion from Abu Dhabi and its banks three years ago, in order to aid its state-owned firms after the global credit crisis reduced property prices by more than half.
It is worth noting that according to Statistics Center of Abu Dhabi, consumer prices in the emirate grew 2.3 percent in July from 2010.
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