Saturday, November 4, 2023

Dubai’s April Inflation Drops to 3.27%, Lowest in 13 Months


Dubai’s inflation rate reached its lowest level in 13 months in April, dropping to 3.27 percent due to a slowdown in transportation and food prices, according to data from the emirate’s statistics authority. The Consumer Price Index also fell to its lowest level since February 2022, when inflation was at 2.65 percent. This trend is in line with inflation trends across the Gulf Cooperation Council region and the world. A report by Kuwait-based investment strategy and research firm Kamco Invest revealed that the inflation rate in GCC countries is showing a downward trend in 2023 compared to 2022. While housing, water, electricity, gas, and other fuels saw a record surge of 5.44 percent last month, food and beverage prices increased by 5.78 percent in April compared to 6.28 percent in March, and transportation prices fell for the second consecutive month to reach 8.53 percent. The UAE’s inflation is forecast to fall to 3.2 percent by the end of 2023, down from 4.8 percent last year, due to price stabilization and the receding impacts of imported inflation globally.

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