Steel prices jumped by more than 27 per cent in April despite UAE efforts to curb inflation that exceeded 11 per cent last year, official figures showed yesterday.
From an average Dh3,350 per tonne in the first quarter of 2008, the price of imported Turkish steel surged by around 33 per cent to Dh4,450 in April, according to the Abu Dhabi Department of Planning and Economy (DPE).
South Korean steel prices also jumped by about 27.9 per cent from Dh3,633 per tonne to Dh4,650 in April, DPE said in its latest statistics about the prices of building materials and other consumer items in the UAE.
Cement and gypsum prices also soared by around 32.8 per cent in the same period, according to the report.
DPE officials said the report was part of the department's policy to issue periodical statistics on prices on a monthly, quarterly and yearly basis.
"Setting prices at this stage is one of the most important economic indicators as this is vital for planning and research in many sectors," said Butti Al Qubaisi, DPE's Planning and Statistics Director.
"Our aim is to provide an expanded price data base to all economists and decision makers to ensure better planning."
According to Abu Baker Al Amoudi, head of the statistics section, price gathering is conducted by a DPE team during regular field visits to many sources.
Soaring prices of building materials have been cited as a key factor in the surging construction costs in the UAE and neighbouring Gulf countries.
The surge in prices has allied with a sharp rise in rents, and the prices of food and fuel to stoke inflation in the region. In the UAE, inflation rate was estimated at 11.1 per cent in 2007 compared with around 9.5 per cent in 2006.