Abu Dhabi's inflation edges up
The consumer price inflation rate in the emirate of Abu Dhabi was 1 per cent in March, while the inflation rate during the first quarter of 2013 was 1.1 per cent, according to the latest data from the Statistics Centre Abu Dhabi (SCAD) on Tuesday.
The figures are preliminary and the change in the inflation for those periods is expected to be announced later.
“The largest rise in consumer prices during March 2013 compared with March 2012 were observed in the alcoholic beverages and tobacco group, which grew 9.7 per cent, followed by restaurants and hotels [up 8.0 per cent], furnishings, household equipment and routine household maintenance [up 3.9 per cent], transport [up 2.2 per cent] and clothing and footwear [up 2.2 per cent],” SCAD said in a statement.
However, the “prices of housing, water, electricity, gas and other fuels” group retreated by 0.6 per cent, it added.
Commenting on the inflation figures, Mohammad Amerah, an Abu Dhabi-based economist told Gulf News: “The figures are not alarming. I would say, the inflation in the emirate of Abu Dhabi is well under control.”
He added: “The economy needs moderate inflation for growth and this is what it is. The fiscal and monetary policies of the government are working towards controlling inflationary pressures.”
The consumer price index (CPI) in the first quarter of 2013 increased to 123.4 points, up from 122.0 points for the same period of 2012 with the restaurants and hotels group accounted for 40.6 per cent of the overall increase, due to a rise of 11.4 per cent in the prices of this group.
The next largest contributor to the overall increase in the CPI during the first quarter of 2013 was the transport group, which advanced 2.8 per cent, accounting for 25.1 per cent of the overall increase occurring during the first two months of 2013, compared with the same period in 2012.
The prices of food and non-alcoholic beverages group contributed 16.7 per cent of the net change in consumer prices during first three months 2013, SCAD said.
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