UAE – Mubasher: The UAE’s inflation rate dropped to 1.3% year-on-year (YoY) in February 2020, compared to the same month of 2019, marking its 14-month low, according to a report by the Federal Competitiveness and Statistics Authority (FCSA).
The Cost of Living Index declined to 107.86 points in February 2020 from 109.28 points during the same period of 2019.
The prices of textiles, clothing, and footwear; housing, water, and electricity; as well as miscellaneous goods and services sectors decreased by 4.75%, 4.63%, and 4.2%, respectively, pushing the UAE's inflation rate down.
Meanwhile, the price of recreation and culture segment jumped by 10.65%, while tobacco and transportation sectors increased by 6.4% and 3.11%, respectively.
On a monthly basis, the country's inflation went down 0.26% in February, compared to around 108.14 points during the earlier month.
The inflation rate in Abu Dhabi edged down by 0.39% month-on-month (MoM) in February, while it slipped by 0.34% in Dubai.
At the same time, the inflation rate in Ajman, Umm Al Qaiwain, and Fujairah fell 0.38%, 0.06%, and 0.24%, respectively.
In Sharjah and Ras al Khaimah, the inflation rate went up by around 0.16% and 0.02% MoM each.
Noteworthy to mention, for the first time since 2017, the UAE's inflation rate turned negative in January 2019, with the rate falling to 2.4%.
