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FINANCIAL NEWS
UAE’s inflation up 4.43pct y-o-y in Dec
22 Jan 2016
(MENAFN) UAE’s overall inflation rose to 4.43 percent year-on-year in Dec, the highest in 6 years, with the main factor being the 1.37pct rise in food and beverages.
More on the matter, housing and utility costs, which represents a nifty 39 percent of consumer expenses, increased 10 percent from last year’s corresponding month.
Furthermore, the 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 the city of Abu Dhabi is at a six-year high, driven mainly by housing costs and the cost of water, electricity, gas and other fuels,” stated a top economist.
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