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Sat 19 Mar 2011 11:12 AM

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Abu Dhabi inflation hits 3.1% in Feb - official data

Abu Dhabi Statistics Centre says consumer prices in first two months of 2011 rose on average by 3.3%

Abu Dhabi inflation hits 3.1% in Feb - official data

Inflation in Abu Dhabi was 3.1 percent in February, the Abu Dhabi Statistics Centre (SCAD) said on Saturday, rising 0.1 percent compared to January.

SCAD's report also indicated that the average rise in consumer prices for the first two months of 2011 was 3.3 percent, compared to the same period of 2010.

It added that the food and drinks sector was the largest contributor to the rise, followed by  housing, water, electricity, gas and other fuels.

The main cause underlying the increase in the average price of this group was a rise of 3.4 percent in house rents, the report said.

By contrast, the clothing and footwear group saw prices retreat by 14 percent during the reviewed period.

The UAE's Minister of Economy said last week that the country's economy was growing faster than expected.

Sultan Bin Saeed Al Mansouri said economic diversification was key to growth in the world’s third largest oil exporter.

The Gulf state’s economy is forecast to grow by 3.3 percent this year, the International Monetary Fund said earlier this month.

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