Abu Dhabi’s CPI inflation ticks up to 1.1% y/y in July 2013

By bne IntelliNews August 19, 2013

Abu Dhabi's CPI inflation inched up to 1.1% y/y in July 2013 from 0.9% the month before on higher transport, food and tobacco and alcoholic prices, Al-ittihad daily reported on Aug 19, citing official data. The statistics office is yet to publish a breakdown by sector.

Falling housing charges, which have the largest weight in the CPI index, continued to keep the CPI anchored despite rising inflationary pressures on strong local and expat demand. The Ramadan factor also helped boost the CPI during the month. Tobacco and alcoholic beverage prices increased 8.5% y/y in July and those of transport grew 2.4%. Housing charges fell 0.1% y/y in July.

In January-July, Abu Dhabi’s CPI averaged 0.9% y/y, underpinned mainly by a 6.2% y/y price growth of restaurants and hotels amid strong local and expat demand. Transport costs increased 2.9% over the period.

In monthly terms, the CPI rose 0.5% in July, the same as a month earlier. Food charges grew 2.3% m/m, speeding up from 1.2% in June on strong Ramadan-related demand and unfavourable seasonal factors which boosted mainly fresh produce prices.

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