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FINANCIAL NEWS
UAE inflation reaches 0.9% in August
24 Sep 2010
(MENAFN) The UAE’s annual inflation rate stayed at a one-year peak of 0.9 percent for the fourth straight month in August, but rose at the fastest monthly pace in 11 months on a food price jump, data showed.
Prices fell for months in the world’s third largest oil exporter last year, under pressure from the global crisis. Dubai’s debt woes have held down price pressures in 2010.
Consumer prices grew 0.5 percent month-on-month in August, after a 0.3 percent increase in July, data from the National Bureau of Statistics showed.
The food component, which accounts for 14 percent of the UAE basket, soared 2.0 percent month-on-month, the sharpest rise this year, after staying flat in the previous month.
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