Falling food and beverages prices offset surging housing, tobacco and clothing charges, helping trim Dubai’s CPI inflation to 4.05% y/y in March from 4.33% the month before, data from the statistics office showed. The prior-year low base, coupled with rebounding trade, tourism and real estate activity will fuel further inflationary pressures in 2015, boosting Dubai’s and consequently the UAE’s national price growth.
In monthly terms, the CPI grew 0.2% in March, virtually the same as in February.
Food and non-alcoholic beverages prices (11.1% of the basket) dropped 0.1% m/m in March on favourable season factors, deepening the annual deflation to 1.9% from 0.6% y/y in February.
Those of housing, which have the largest weight in the CPI (43.7%), grew 0.2% m/m, trimming the annual growth to a still high 7.4% from 7.6% y/y in February. Tobacco and alcoholic beverages costs jumped 9.4% y/y in March while those of clothing and footwear climbed 8.7% y/y. Strong tourism activity lifted hotels and restaurants prices by 1.2% m/m and 3% y/y in March.
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