Abu Dhabi's CPI inflation accelerated to 1.4% y/y in August from 1.1% the month before on higher transport, food and tobacco and alcoholic prices, Al-ittihad daily reported on Sept 17, citing official data. The statistics office is yet to publish a breakdown by sector.
Despite rising inflationary pressures, amid strong local and expat demand and expansionary public spending on infrastructure projects, Abu Dhabi’s CPI inflation remains anchored by falling housing charges which have the largest weight in the CPI index. The latter fell 0.1% y/y in August, the same as the month before. Tobacco and alcoholic beverage prices increased 8.5% y/y in August and those of transport grew 3.3% y/y, accelerating from 2.4% in July. Food charges rose 3.0% y/y during the month.
In January-August Abu Dhabi’s CPI averaged 1.0% y/y, edging up from 0.9% at end-July. The reading was supported by 5.7% y/y price growth of restaurants and hotels amid strong local and expat demand. Transport costs increased 3.0% over the period. Housing prices dropped 0.6% y/y in the first eight months of 2013.
In monthly terms, the CPI rose 0.2% m/m, easing from a 0.5% growth in July.
Lebanon has become the fifth member country from the Southern and Eastern Mediterranean (SEMED) region to join the European Bank for Reconstruction and Development (EBRD), becoming a shareholder with ... more
Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more
Passengers boarding an early morning July 5 Turkish Airlines (THY) flight to John F Kennedy International Airport in New York were allowed to include laptops and electronic devices larger than a ... more