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FINANCIAL NEWS
UAE’s May inflation surges 1.4%
19 Jun 2011
(MENAFN) UAE’s National Bureau of Statistics said that since food prices carried on increasing, last month, the country’s inflation rose to a three month high of 1.4 percent on a yearly basis, reported Emirates 24/7.
The bureau added that while inflation in April stayed low in 2011 at 1.1 percent, consumer prices growth remained around 1 percent for most of the last year; moreover, living costs in May went up 0.2 percent.
It also said that last month, food costs increased 1.3 percent month on month, accounting for 14 percent of consumer expenses, whereas housing prices slipped 0.1 percent in the month on a monthly basis, recording the sixth consecutive drop since the property sector remained weak. Meanwhile transport costs grew 0.1 per cent, slightly slower than in the previous month.
It is worth noting that the UAE government has called on retailers to offer discounts reaching up to 50 percent in Ramadan, when food prices usually increase. Last month, the UAE said it planned to combat growing global commodity prices by adjusting the cost of around 400 food and household products at 70 outlets.
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