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28 March 2024

Higher rents, utility bills push up Dubai residents’ monthly payouts

Published
By Reuters

Dubai’s inflation edged up to a five-year high of 3.5 per cent year-on-year in August from 3.4 per cent in the previous month, data from the emirate’s statistics centre showed on Thursday.

Housing and utility costs, which account for almost 44 per cent of consumer expenses, jumped 6.2 per cent year-on-year and 0.4 per cent month-on-month in August.

Food and beverage prices, which account for 11 per cent of the basket, increased 1.8 per cent on an annual basis and 2.5 percent from the previous month.

Analysts polled by Reuters in April forecast average inflation in the UAE federation would accelerate to 1.9 per cent in 2014 and 2.5 per cent in 2015 from 1.1 per cent in 2013, which was the highest level since 2009.