FINANCIAL NEWS

UAE inflation edges up 0.9% in May

21 Jun 2010

(MENAFN) UAE’s inflation registered a year-on-year high of 0.9 percent in May, on the back of a rise in the cost of food and education, while on month-on-month basis the country’s inflation went down slightly due to lower housing costs, Reuters reported.

Official data showed that UAE’s inflation slowed to 1.6 percent last year, compared with 12.3 percent in 2008. The National Bureau of Statistics expects inflation to ease to 1.1 percent this year.

Overall Consumer Price Index (CPI) for the UAE reached 114.01 in May 2010, the statistics office said. The CPI, which shows inflation, grew to 0.78 percent in April compared to a year earlier, due to a substantial increase in prices of food, beverages and other essentials.

Major expenditure groups that showed a decline during May include miscellaneous goods and services 2.12 percent; housing 0.52 percent; furniture and household goods 0.16 percent; communications 0.14 percent; medical care 0.07 percent; and recreational and cultural goods and services 0.03 percent.

At the same time, there were increases in other major expenditure groups such as food and soft drinks 1.16 percent; restaurants, cafes and hotels 0.71 percent; transportation 0.45 percent; education 0.71 percent; and textiles, clothing and footwear 0.10 percent.

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