Rising UAE housing costs pushes inflation to highest rate since Feb 2009

Inflation was up 4.9% in August, with housing and utility costs accounting for 39% of consumer expenses
Rising UAE housing costs pushes inflation to highest rate since Feb 2009
By Reuters
Tue 22 Sep 2015 03:39 PM

The United Arab Emirates National Bureau of Statistics released the following August consumer price data on Tuesday, showing inflation at its highest level since February 2009.

Inflation rose 0.9 percent month-on-month during August, and 4.9 percent year-on-year.

Housing and utility costs, which account for over 39 percent of consumer expenses, jumped 9.9 percent from a year earlier in August and rose 0.1 percent from the previous month. Abu Dhabi, the biggest emirate in the UAE, hiked electricity and water tariffs from January 1.

Food and soft drink prices, which account for nearly 14 percent of the basket, rose 0.6 percent year-on-year and fell 0.5 percent month-on-month.

Transportation prices jumped 10.7 percent year-on-year and 10.6 percent month-on-month in August after the UAE switched from fixed fuel prices to a formula based on global oil price.

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