FINANCIAL NEWS

UAE inflation stands at 0.9% in July

19 Aug 2010

(MENAFN) Data released by the UAE National Bureau of Statistics said that inflation in the country remained at a one-year high of 0.9 percent on a yearly basis in July for the third month in a row, Khaleed Times reported.

However, it was higher compared to minus 0.2 percent a year ago as food, hotel, transport and education costs inched up.

According to the data, inflation climbed 0.3 percent in July compared to June?s 0.1 percent surge.

Abu Dhabi inflation retracted to 2.8 percent year-on-year in July from a 17-month high seen in the previous month. Inflation in Dubai, which was double-hit by the global downturn and its local debt crisis, slowed slightly in July to reach 0.4 percent year-on-year, the lowest level in three months, the data showed.

UAE inflation hit a nine-year low of 1.6 per cent last year, after a record high of 12.3 percent in 2008.

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