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Wed 3 Mar 2010 10:47 AM

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Dubai inflation cools down to 1.3% in Jan - report

Inflation in the UAE declines from 2.8 percent in December - statistics centre.

Dubai inflation cools down to 1.3% in Jan - report
COOL DOWN: Last month, the UAEs economy minister said the countrys inflation will not exceed 2 percent in 2010.(Google Images)

The inflation rate in Dubai, the second-largest sheikhdom in the United Arab Emirates, fell to 1.3 percent in January, the lowest in at least a year, as the cost of food and drink declined.

Inflation slowed from 2.8 percent in December, according to data on the emirate’s statistics center Web site today. The rate is the lowest since annual inflation data records began in 2009.

The inflation rate in the U.A.E. rose to record levels in 2008 as real estate prices boomed and the cost of imported goods increased. The emirate of Dubai saw inflation ease last year as housing prices halved and global trade slumped, lowering the cost of imported goods.

The cost of food and non-alcoholic drinks dropped an annual 2.3 percent in January, compared with a decline of 2 percent in December, while the cost of housing electricity and water rose 1.5 percent. Communication costs declined 7.8 percent.

Arabian Business digital magazine: read the latest edition online