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DCCI's CPI to determine the dirham's purchase power
DUBAI — The Dubai Chamber of Commerce and Industry's (DCCI) launching of an internationally comparable consumer price index (CPI) is to serve as a basis to determine the purchase power of the dirham and the inflation rate in the second quarter of 2006.
The CPI practically measures the average change in prices in a market basket of goods and services over a certain time frame, using a special CPI program that produces data of price variables paid by urban costumers for a representative goods sample. Abdul Rahman G. Al Mutaiwee, General Director of the DDCI, declared that the index, labelled as the DDCPI-CPI by his institution- would be released quarterly to allow international benchmarking.
Regarding the latest, rapid increase of the oil price, the introduction of the motor fuel index (MFI), which has been published monthly in the US for the last decades, seems reasonable.
The gasoline index, which holds the majority of the weight of the MFI, is composed of the three grades of gasoline- unleaded, midgrade and premium- comparing their price scale on a 4 weeks schedule.
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