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UAE inflation turns positive for the first time in 31 months UAE inflation turns positive for the first time in 31 months

October 13, 2021
finance & economy

The UAE’s Consumer Price Index saw a year-on-year increase of 0.6 percent in August after a 0.02 percent decline in the previous month.

This is the first positive rate since January 2019, according to Asharq Business, citing data from the Federal Competitiveness and Statistics Centre.

The annual increase was largely thanks to a 21.8 percent jump in entertainment and culture services prices, as well as a yearly rise of 1.2 percent in the cost of educational services.

Prices for food and beverages fell 1.1 percent, while the index comprising housing, water, electricity and gas prices dropped by 4.2 percent.

Clothing and footwear costs declined by 6.29 percent.

This was accompanied by a 0.4 percent month-on-month inflation rise.

Prices of entertainment and culture services helped the monthly increase as it rose by 4.08 percent.

Transport services also recorded a monthly rise in prices by 1.4 percent, and prices of food and beverages slightly increased by 0.7 percent.

On a year-to-date basis, the 2021 annual rate of inflation was still negative at -0.73 percent in August, according to data compiled by Arab News. This compares to -2.1 percent, the annual inflation rate in 2020.

arabnews

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