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Dubai inflation rate falls to 1.3 percent
The cost of living increased by just 1.3 percent in January, after years of spiraling costs.
March 3, 2010 1:56 by Ben Flanagan
The inflation rate in Dubai fell to 1.3 percent in January, the lowest in at least a year, according to figures from the emirate’s statistics center cited by Bloomberg.
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.
According to the Dubai Chamber of Commerce and Industry (DCCI), quoting figures from the Dubai Statistics Centre, the cost of living rose by just 4.1 percent last year – far less than the 11.3 percent increase in 2008, the highest inflation rate in over 20 years.
Last year, Deutsche Bank said that inflation in the UAE could soon turn negative because of reducing housing prices in the country.
As Kipp reported recently, residents are seeing lower prices in many areas, including rents, food, communication and transport.