Inflation in Dubai drops to 2.1% in July

Dubai's July inflation edged down to 2.1 per cent on lower food prices, according to data released by the Dubai Statistics Center on Monday.

Housing and utility costs, which account for almost 44 per cent of the consumer basket, rose 3.4 per cent from a year earlier while food and beverage prices, which account for just over 11 per cent, fell one per cent.

The data shows a rise in the monthly inflation index (Consumer Price Index) in the prices of goods and services within the consumer basket rose by 0.33 per cent in the month of July 2016, compared to June 2016.

Transport group prices rose by 0.40 per cent, reaching relative importance of 9.08 per cent of the total consumer basket, and saw the goods and services prices in a range of goods and miscellaneous services rose by 0.22 per cent in terms of relative importance amounted to 6.15 per cent of the total consumer basket.

Housing, water, electricity, gas and fuel group witnessed an increase of 0.18 per cent, the highest range in terms of the relative importance of this group in the consumer basket, where the relative importance is 43.70 per cent. A collection of furniture and furnishing and household items and fix prices rose 0.05 per cent, where this group accounted for 3.34 per cent of the total weight in the basket. Restaurants and hotels group prices rose by 0.03 per cent. This group accounted for 5.48 per cent of the total relative importance of the consumer basket.

- abdulbasit@khaleejtimes.com