Dubai consumer prices fall 1.9pc in Dec
Dubai, January 23, 2013
The consumer prices in Dubai fell 1.9 per cent year-on-year in December due to a 6.5 percent drop in housing and utilities costs, according to data from the emirate's statistics center.
On an average, the emirate's consumer prices fell 1.7 per cent in 2012, the first full-year deflation since at least 2007, after a rise of 0.5 per cent in 2011, the data stated.
Housing and utility costs, which account for almost 44 per cent of consumer expenses, fell 6.5 per cent year-on-year and rose 0.1 per cent month-on-month in December.
Food prices, which make up 11 per cent of the basket, rose 1.0 per cent on an annual basis but dropped 1.3 per cent from the previous month, it added.-Reuters
More Finance & Capital Market Stories
- Dubai inflation hits 4-year high in Nov
- New guidelines for Islamic banks, Takaful
- ADS to enter UK in 2014, starts pricing yuan
- Citadel cuts net loss as regional unrest eases
- Saudi inflation edges up to 3.1pc y/y in Nov
- Kuwait's Investment Dar reaches key debt agreement
- Banks on alert over ATM fraud
- Bahrain's economy bounces back on positive outlook
- Mena inbound M&A value triples to $3.9bn
- DFM opens educational trading floor at varsity