UAE consumer price inflation under control, says senior government official

UAE consumer price inflation under control, says senior government official
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Published July 15th, 2013 - 06:39 GMT via SyndiGate.info

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The consumer price inflation was 0.9 per cent during the first half of 2013
The consumer price inflation was 0.9 per cent during the first half of 2013

Consumer price inflation in Abu Dhabi and across the UAE is low and well under control, Dr Hashem Al Nuaimi, Director of Customer Protection Department at the Ministry of Economy said yesterday.

Al Nuaimi spoke to reporters while on a visit to the hypermarket located in Abu Dhabi’s Al Wahda Mall to monitor prices of consumable items during Ramadan.

“The prices of consumable items across the UAE are stable and in line with the government’s expectations. There is sufficient availability of all essential items, some of which are being sold by retailers below their cost,” said Al Nuaimi.

Latest figures from Statistics Centre Abu Dhabi (SCAD) showed the consumer price inflation in the emirate of Abu Dhabi was 0.9 per cent in June 2013 compared with the same month last year.

SCAD said last week the consumer price index in June rose to 124.1 points, up from 123 points in June 2012. It added that the largest rises in consumer prices during June were observed in the “alcoholic beverages and tobacco group”, which grew 8.5 per cent, followed by furnishings, household equipment and routine household maintenance [up 3.4 per cent], transport [up 2.9 per cent], and restaurants and hotels [up 2.4 per cent].”

“Over the same period, however, prices of the housing, water, electricity, gas and other fuels” group edged down 0.1 per cent, it added.

The SCAD also said the consumer price inflation was 0.9 per cent during the first half of 2013 compared with the same period in 2012. The consumer price index rose to 123.5 points during the first six months of 2013, up from 122.4 points for the same period of 2012.

The SCAD data came broadly in line with economists’ expectations, who said inflation below one per cent in Abu Dhabi was just about enough to sustain economic growth. The UAE government has tried to keep the country’s annual rate of inflation below two per cent.

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