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FINANCIAL NEWS
UAE’s inflation up 4.43 percent y-o-y in July
21 Aug 2015
(MENAFN) UAE’s overall inflation rose to 4.43 percent year-on-year in July, the highest in six years, with the main factor being the 1.37 percent rise in food and beverages.
Housing and utility costs, which represents 39 percent of consumer expenses, jumped 10 percent from a year earlier in July.
Annual inflation is expected to pick up to 3.8 percent in 2015 against 2.3 percent in 2014, as projected by a chief economist at Abu Dhabi Commercial Bank.
“Inflation in Abu Dhabi is at a six-year high, driven by housing costs and the cost of water, electricity, gas and other fuels,” said the economist.
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