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UAE inflation slows as transportation expenses witness 19.7% drop

UAE inflation slows as transportation expenses witness 19.7% drop

Posted on September 1, 2023   |  

UAE experienced the smallest growth in July 2023 inflation over 17 months, in line with GCC's subdued price increases versus global trends.

Dubai's Consumer Price Index (CPI) grew by 1.0%, marking a notable decline from the 5.2% increase in July 2022.

The dip is attributed to a 19.7% reduction in Transportation Group costs, counterbalancing the 6.1% growth in the housing, water, electricity, and gas group.

Noteworthy growth was seen in certain subgroups: food and beverage (3.2%), hotels and restaurants (3.5%), and education (1.6%).

Global inflation moderates in 2023 due to reduced food and energy costs, coupled with softer global demand due to monetary policies.

IMF forecasts global headline inflation to decrease from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024; global core inflation is projected to drop from 6.5% in 2022 to 6.0% in 2023 and 4.7% in 2024.



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