United Arab Emirates: Consumer prices decline in March for 15th straight month
May 1, 2020
Consumer prices fell 0.89% month-on-month in March, following February’s 0.26% decrease. March´s reading was primarily driven by notably lower prices for recreation and culture, and transportation, while an uptick in textiles, clothing and footwear, and food and beverage costs softened the decline.
In year-on-year terms, consumer prices dropped 1.6% in March, following the 1.3% decline recorded in February and thus marking the 15th straight month of declining prices. Meanwhile, annual average consumer prices dipped 1.7% year-on-year in March, matching the decrease recorded in the prior month.
Going forward, inflation is predicted to remain largely at bay amid relatively low global oil prices are set to moderate the rise.
Author: Stephen Vogado, Economist