UAE: Consumer prices continue to decline in August

UAE Inflation August 2020

UAE: Consumer prices continue to decline in August

Consumer prices dropped 0.14% in month-on-month terms in August, softening from July’s 0.57% decline. The reading reflected an increase in prices for food and beverages, which was offset by a larger decline in prices for textiles and clothing.

Meanwhile, consumer prices dropped 2.6% in annual terms in August, down from July’s 2.1% fall. August’s reading marked the sharpest decrease since May 2020. The annual average variation of consumer prices remained at minus 1.9% in August for the third consecutive month.

Looking ahead, consumer prices are projected to continue decreasing this year, as household spending halts due to a rising unemployment rate. Moreover, low oil and gas prices will further weigh on price pressures.

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