(MENAFN- Khaleej Times) The strongest price escalation of 4.
Consumer prices in Dubai surged at a record 2.74 per cent in the first half of 2014 compared to the same 2013 period mainly spurred by price escalation in goods and services Dubai Statistics Centre (DSC) data revealed on Wednesday.
The strongest price escalation of 4.58 per cent was registered in the group comprising housing water electricity gas and other fuels. Education group followed with 4.43 per cent price surge. Food and non-alcoholic beverages group posted a price increase of 3.36 per cent while furnishings household equipment and routine household maintenance group rose by 2.53 per cent.
Other consumer goods groups that registered price increases include alcoholic beverages and tobacco (2.35 per cent) restaurants and hotels (2.19 per cent) health group (2.16 per cent) miscellaneous goods and services (1.76 per cent) transport (0.79 per cent) communication (0.70 per cent) and recreation and culture (0.11 per cent). Prices of clothing and footwear fell by 2.89 per cent.
Inflation rate of food and non-alcoholic beverages group surged as a result of an increase in the prices of fish and seafood by 20.13 per cent followed by the prices of meat by 2.68 per cent and prices of food products by 2.21 per cent. An increase in the prices of alcoholic beverages by 5.94 per cent and of tobacco by 1.27 per cent sent the group inflation up.
The inflation rate of education group has increased by 4.43 per cent due to an increase in post-secondary non-tertiary education fees by 4.82 per cent followed by secondary education fees by 4.49 per cent and pre-primary and primary education fees by 4.28 per cent. A drop in the prices of shoes and other footwear by 3.6 per cent and that of garments by 3.42 per cent resulted in deflation in clothing and footwear group. The first half witnessed increases in prices of gas (11.89 per cent) followed by hike in rents (5.03 per cent) and rise in price of liquid fuels (2.68 per cent). Inflation surge in restaurants and hotels group was due to an increase in the prices of hotel accommodation services by 7.63 per cent and restaurants cafés and the like by 2.17 per cent.
The inflation rate in the UAE was two per cent in May. The UAE inflation rate averaged 2.04 per cent from 1990 until 2014 reaching an all time high of 12.30 per cent in December of 2008 and a record low of -1.60 per cent in January of 2011.
The main components of the consumer price index are: Housing (39 per cent of the total weight); Food and Soft Drinks (13.9 per cent) and Transportation (9.9 per cent). Textiles Clothing and Footwear account for seven per cent; Communications for 6.9 per cent and Miscellaneous Goods and Services for five per cent.
The International Monetary Fund forecast inflation in the UAE to increase to 2.2 per cent this year compared to 1.1 per cent last year. A rise in rents by up to 60 per cent in Dubai in 2013and smaller rises in the capital have triggered an upswing in inflationary pressures. issacjohnkhaleejtimes.com
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.