UAE Inflation creeps up

Consumer prices in the UAE increased 0.43 per cent for the first half of 2010 compared to the same period last year, data from the National Bureau of Statistics revealed today.

Inflation in the UAE increased 0.12 per cent last month compared to May, with the consumer price index reaching 114.13 in June, compared to 114.01 the previous month. Year-on-year, prices increased 0.95 per cent in June 2010 compared to June last year, increasing 0.43 per cent for the first six months of this year.
The report showed inflation increases in transportation, goods and services and housing, with transport increasing 0.35 per cent on the month in June.
At the emirate level, Umm Al Quwain had the highest inflation rate with 0.56 per cent, while Abu Dhabi’s inflation was 0.21 per cent and Dubai 0.15 per cent. Consumer prices in Sharjah fell 0.06 per cent, as did prices in Ajman and Fujairah. Ras Al Khaimah increased 0.07 per cent.
Data from the UAE Central Bank revealed that the number of bank loans in June increased 0.4 per cent to US$279bn (AED1.02trn). Deposits grew 1.5 per cent to US$268bn in June (AED985.4bn), compared to US$264bn (AED970.8bn) in May.