Record 3.5% in 3 months

«Statistics»: Inflation in the UAE is among the lowest in the world during the first quarter of 2022

Food and beverage group prices increased by 5.4%.

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The Federal Competitiveness and Statistics Center reported that the inflation rate in the UAE was among the lowest in the world, in the first quarter of this year.

The center explained that inflation in the country is still far from the significant rises that have swept most economies around the world during the recent period, noting that the rate of inflation recorded during the first quarter of this year came less than the expectations of relevant international institutions in this regard.

He said in a report issued yesterday on the consumer price index during the first quarter of this year that the inflation rate in the country amounted to 3.35%, and that the consumer price index rose to 102.7 points in the first quarter of this year, compared to 99.37 points in the same quarter last year.

The center noted that Bloomberg, in its report on economic growth in the UAE in light of waves of global inflation, cited recent data issued by the International Monetary Fund, in which the Fund expected that the inflation rate in the UAE during the current year would reach 3.7%, to decline Over the next year to 2.8%, to remain among the lowest inflation rates in the world.

The Federal Competitiveness and Statistics Center explained that the increase in the inflation rate came as a result of the increase in the prices of 11 commodity and service groups and the decrease in the prices of two groups, during the first quarter of this year, compared to the same quarter of last year, after the center added for the first time the group of insurance and financial services to the groups specified for inflation in The state.

The report noted that the prices of the transportation group led the rise in inflation after increasing by 22%, during the first quarter of this year compared to the same period last year, and the prices of the restaurants and hotels group increased by 6.9%.

The prices of the food and beverage group increased by 5.4%, the tobacco group by 4.1%, the clothing and footwear group by 2.7%, communications by 2.3%, health services by 2%, education by 0.9%, the group of furniture, furnishings, household appliances and repair by 2.1%, and goods and services Miscellaneous by 1%, and entertainment and culture by 0.5%.

On the other hand, the prices of two groups decreased during the first quarter of this year, compared to the same quarter of last year, which are the housing, water, electricity and household gas group, by 2%, and the insurance and financial services group by 1.7%.

And Bloomberg Agency had stated in a report issued earlier this month that business conditions in the UAE witnessed the biggest improvement last May, and that inflation had failed to impede the recovery of business in the country.

She added that the non-oil GDP recorded its highest growth since last December in the UAE, and employment rates witnessed a new increase, the highest in seven months, as a result of the growth in demand, and the strong competition in prices prevented companies from adding burdens to consumers.

It is noteworthy that the report issued by the World Bank, earlier this month, indicated that the average global inflation rate ranged between 7.8% and 9.4% as a result of the recovery in global demand, supply chain problems and the sharp rise in food and energy prices, amid expectations that inflation will reach It reached its peak in the middle of this year, before declining, but it will nonetheless remain higher than the previous rates. 

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