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Tue 12 Aug 2014 12:08 PM

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Dubai’s inflation rises to highest level since 2009

Housing and utility costs jumped 5.8 percent from a year earlier in July

Dubai’s inflation rises to highest level since 2009

The inflation rate in Dubai is now at its highest level since July 2009, according to new figures released by Dubai Statistics Centre.

Dubai’s inflation rate rose to 3.4 percent in July, up 2.8 percent from the previous month.

Housing and utility costs, which account for almost 44 percent of consumer expenses, jumped 5.8 percent from a year earlier in July and 1.1 percent from the previous month.

Food and beverage prices, which account for 11 percent of the basket, rose 2.8 percent year-on-year but fell 0.6 percent month-on-month.

Analysts polled by Reuters in April forecast average inflation in the United Arab Emirates federation would accelerate to 1.9 percent in 2014 and 2.5 percent in 2015 from 1.1 percent in 2013, which was the highest level since 2009.

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