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FINANCIAL NEWS
UAE inflation eases to 2.8 percent in November
29 Dec 2014
(MENAFN) According to the UAE’s National Bureau of Statistics, the country’s inflation rate has eased to 2.8 percent in November, declining from a five-and-a-half year high of 3.1 percent the previous month, Arabian Business reported.
The released consumer data for November showed that housing and utility costs, which account for over 39 percent of consumer expenses, rose 4.4 percent compared to the same month last year, registering the fastest increase since February 2009, as well as declining 0.2 percent compared with October.
The data also revealed that food and soft drink prices, which account for nearly 14 percent of the consumer expenses, increased 2.1 percent compared to November 2013 but fell 1.4 percent compared with the previous month.
The bureau also said that it projects that inflation in the UAE would accelerate to 2.5 percent in 2014 and to 3 percent in 2015 from 1.1 percent in 2013, which was the highest level since 2009.
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