UAE Inflation May 2020

Consumer prices slide at steepest ever rate in May

UAE: Consumer prices slide at steepest ever rate in May

July 2, 2020

Consumer prices increased 0.09% in May over the previous month, swinging from the 0.09% fall logged in April. May's result marked the first increase in prices since November 2019.

Consumer prices fell 2.7% on an annual basis in May, a sharper fall than April’s 1.9% drop and marking the steepest decline on record. Accordingly, the trend pointed down slightly, with the annual average variation of consumer prices coming in at minus 1.8% in May (April: -1.7%).

Going forward, consumer prices are projected to remain in deflationary territory this year due to low oil and gas prices, and contracting household spending amid spiking unemployment.

FocusEconomics Consensus Forecast participants expect inflation to drop 0.4% on average in 2020, which is unchanged from last month’s forecast. For 2021, they see inflation averaging 1.8%.

Author:, Economist

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UAE Inflation Chart

UAE Inflation May 20 20 0

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Federal Competitiveness and Statistics Authority (FCSA).

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