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22-03-23
Dubai's Annual Inflation Rate Rises to 4.9 percent Driven by Food, Beverage Prices
(MENAFN) Dubai's annual inflation rate increased to 4.9 percent in February, driven by a surge in food and beverage prices, according to data from the emirate's Statistics Center. The Consumer Price Index rose by 0.32 percent in February from 4.58 percent in January. The prices of housing, water, electricity, gas, and other fuels surged by 4.87 percent, while food and beverage prices increased by 6.29 percent. The prices of restaurants and accommodation services and insurance and financial services also rose by 4.47 percent and 5.41 percent, respectively. Inflation in the UAE has stayed relatively low compared to other parts of the world.
The country's economy grew by 7.6 percent in 2022, the highest in 11 years, after expanding by 3.9 percent in 2021, according to the UAE Central Bank. However, inflation and resulting price rises are putting pressure on consumers in the UAE, with spending remaining high since 2019. The ongoing financial strain is leading consumers to change the way they shop, according to data analytics firm Kantar. Despite this, the UAE economy ended 2022 solidly, and signs suggest this growth will continue, although it might slow in the first half of 2023.
In February, a report by Kuwait-based investment strategy and research firm Kamco Invest said that the inflation rate in the Gulf Cooperation Council countries is showing a downward trend in 2023 compared to 2022. The International Monetary Fund also noted that nearly 84 percent of the countries in the world are forecasted to have lower consumer price index inflation growth in 2023 than in 2022. The IMF added that global headline inflation would fall from an annual average of 8.8 percent in 2022 to 6.6 percent in 2023 and further to 4.3 percent in 2024.
In Saudi Arabia, the inflation rate has softened to 3 percent in February 2023, against 3.4 percent recorded in January, driven by a slight decrease in food and beverage prices, according to a report by Saudi Arabia's General Authority for Statistics released in March. Amid economic uncertainties, the UAE and other Gulf Cooperation Council countries are expected to continue monitoring inflation closely to ensure that it does not negatively impact their economic growth.
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