Abu Dhabi – Mubasher: The UAE Central Bank expected inflation to slow down during the current year 2023 to 3.2%, on the back of weak price increases in all categories, especially transportation, food and beverages.
The Central Bank also expected in its recent report that inflation will remain on the rise, given that it is imported due to the trend of inflation around the world.
He pointed out that it is also expected that the moderation of rents and wages in 2024 will contribute to curbing inflation to about 2.8%. In line with global trends.
Data issued by the bank revealed that the consumer price index in the UAE recorded inflation, the lowest at the global level, at 4.8% during the past year 2022.
He explained that this is in line with the global inflationary wave, so that inflation in the UAE approaches the bank’s expectations, in which he indicated that it would reach 4.9% for the year 2022..
Consumer numbers rose in the last quarter of last year by 4.6%, rebounding from the peak recorded in the third quarter at 6.5%, as well as in the second quarter during which it reached 5.6%.
Prices for the non-negotiable category increased by 4% in the fourth quarter of 2022 on an annual basis, down from 4.8% in the previous quarter, 3.8% in the second quarter, and 1% in the first quarter..
The housing sub-index, “the category with the largest weight in the CPI basket,” recorded an increase of 1.6% year-on-year in the fourth quarter, and by 0.1% in the third quarter, while it contracted during the first and second quarters by 1.9% and 1%.
Transport prices increased by 11% in the fourth quarter, down from 30.2% in the third quarter, and 30.3% in the second quarter, during which it recorded its peak, by 21.1% in the second quarter, and 12.7% in the first quarter..
Food and beverage prices also increased, by 7.1%, down from 8.5% in the third quarter, with global food prices returning to normal, 8.2% in the second quarter, and 5% in the first quarter..
The prices of the education group increased by 1.5% in the fourth quarter, by 1.1% for the third quarter, by 0.7% in the second quarter, and by 0.5% in the first quarter, and the prices of the services and health care group increased by 3.7% in the last quarter of 2022, and by 3.8%. % in the third quarter, 0.7% for the second quarter, and at a zero rate of 0.1% in the first quarter.
Communications also rose in 2022, not exceeding 1%, as the price hike reached 0.8% in the first quarter, 0.6% in the second quarter, the same rate in the third quarter, and 0.5% in the last quarter..
The prices of the textiles, clothing, and footwear group increased by 4.1% in the last quarter of 2022, 3.3% in the third quarter, 1.6% in the second quarter, and 2.5% in the first quarter.
The prices of the furniture and household goods group increased by 1.1% in the fourth quarter, after contracting by 0.2% in the third quarter, and by a contraction in the second quarter of 0.3%, and a decrease of 0.6%.%.
The prices of the miscellaneous goods and services group increased by 2.6% in the fourth quarter, 3% in the third and second quarters, and by 1% in the first quarter..
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