RIYADH: According to official data, Dubai’s annual inflation rate decreased once further in October, hitting its lowest point in 14 months. The Dubai Statistics Center said that the emirate’s inflation rate in October was 2.4 percent, primarily due to a more severe deflation in transportation prices, which dropped 10.6 percent as opposed to 8 percent in September. When compared to other major cities in the region, Dubai’s inflation rate has been comparatively low, which is indicative of the government’s proactive efforts to maintain economic growth and manage price stability.
The varied industries of tourism, real estate, and trade have helped the emirate’s economy stay strong in the face of global inflationary pressures. The UAE Central Bank forecasts overall inflation for 2024 at 2.3 percent, up from 1.6 percent in 2023, due to a slight increase in wages, rents, and commodity prices, taking into account both domestic and international variables. Additionally, the data showed that the tobacco price category had deflation of 3.63 percent, which was comparable to September’s figures.
Additionally, the data indicated a decreased rate of deflation in the information and communication sector, with an annual decline of 1.92 percent as opposed to 2.05 percent in September. Prices for sport, culture, and recreation fell 1.74 percent year over year in October, which was less than the 2.66 percent decline in the previous month. Additionally, the statistics showed that prices in the housing, water, electricity, gas, and other fuels sectors increased by 7.16 percent, up from 7.02 percent in September.
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