FINANCIAL NEWS

Inflation in UAE remains stable at 0.9% in July

18 Aug 2010

(MENAFN) Data released by the UAE National Bureau of Statistics said that inflation in the country remained stable at 0.9 percent year-on-year in July, but prices booked their highest monthly rise in eight months due to more expensive fuel, Reuters reported.

The world’s third largest oil exporter saw months of deflation last year, after inflation hit a record double-digit peak in 2008. Price pressures are expected to stay benign this year.

In July, consumer prices rose 0.3 percent month-on-month after edging up 0.1 percent in the previous month. Transport costs, the third largest basket component with a 10 percent weight, soared 3.5 percent on the month in July, the fastest rise this year, up from 0.3 percent growth in June.

The housing and energy item, which accounts for 39 percent of the basket, registered a 0.2 percent fall, mainly due to continued decline in rents, following the same rise in June.

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