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FINANCIAL NEWS
UAE inflation at 2.5% in 2012: IMF
30 May 2012
(MENAFN) The International Monetary Fund (IMF) announced that consumer price growth in the UAE is forecasted to reach 2.5 percent during the current year, reported Emirates 24/7.
In February, the country’s inflation fell to 0.6 percent, compared with 0.7 percent year-on-year in January, whereas February’s core inflation, which excludes food and housing, declined to 1.9 percent year-on-year, down from 2.1 percent in January, according to the Dubai Chamber of Commerce.
It said the the UAE inflation is the second lowest amongst countries in the Gulf Cooperation Council (GCC), adding that the GCC’s weighted average inflation in January was at 3.7 percent year-on-year.
It is worth noting that sliding international food prices and a stronger US dollar for the coming 12 months will likely reduce pressure on consumer prices.
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