The UAE's CPI inflation rose 1.3% y/y in July, the same as a month earlier, on lower food prices, state news agency WAM reported citing the statistics office. The latter has not yet released an official breakdown. The UAE’s CPI inflation remains mainly subdued by stagnating housing costs, which account for 39% of the index. Housing costs edged up 0.1% m/m in July. In monthly terms, CPI inflation fell 0.04% m/m compared with 0.300% growth in June.
Food charges (14% of the basket) dropped 0.3% m/m compared with a 1.2% increase in June. The government has set strict price regulations for basic food commodities, hoping to keep the CPI anchored. Clothing and footwear prices edged up 0.1% m/m in July.
Abu Dhabi’s CPI inflation reportedly rose 0.5% m/m in July and that of Dubai fell 0.1%.
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