UAE consumer prices dip 2.36% year-on-year

UAE consumer prices fell during June 2019 through to June 2020, pushing the Consumer Price Index (CPI) down by 2.36 per cent, suggesting a steady decrease in prices of goods and services.

Figures released by the Federal Competitiveness and Statistics Authority suggested that the group with the largest annual decrease was recreation and culture with 18.66 per cent.

In the meantime, the group with the largest annual increase over this period was textiles, clothing and footwear with 10.70 per cent, official news agency WAM reported.

CPI is an important economic indicator as it accords a measure of change in prices over time paid by UAE households for a fixed basket of goods and services. It is key in measuring inflation within an economy.

May-June 2020
Between May and June 2020, the UAE’s CPI logged an increase of 0.33 per cent (from 106.90 to 107.25).

The group with the largest increase over the same period was the restaurants and hotels with 1.27 per cent.

The expenditure group that recorded the largest monthly decrease was furniture and household goods with 1.02 per cent.

Emirates wise, from May 2020 to June 2020, Dubai, Sharjah, Um Al Quwain, Ajman, and Fujairah emirates recorded an increase in their CPI, whilst Abu Dhabi and Ras Al Khaimah, recorded a decrease in consumer prices.

Within the food and beverages group, the fish and seafood subgroup recorded the largest increase of 2.03 per cent, while the fruit subgroup recorded the largest monthly decrease of 4.11 per cent.