UAE: Consumer prices further ease drop in October

UAE Inflation October 2020

UAE: Consumer prices further ease drop in October

Consumer prices ticked up a mild 0.04% in month-on-month terms in October, swinging from September’s 0.50% drop and thus marking the highest reading in four months. The reading reflected higher prices for education, furniture and household goods, and recreation and culture services, which were partly offset by lower prices for housing, water, electricity and gas.

Meanwhile, consumer prices dropped 2.2% in annual terms in October, easing slightly from September’s 2.4% fall. The annual average variation of consumer prices remained at minus 1.9% in October for the fifth month running.

Consumer price pressures are projected to remain subdued until year-end. In 2021, inflation should make a timid comeback as the economy fully reopens and activity picks up on strengthening aggregate demand, international trade and oil demand.

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