Consumer prices in Dubai dropped by 3.87% in March

Prices of housing, water, electricity, gas and fuel decreased by 8.68% in March 2021 compared to the same period in 2020

  
People shop at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 26, 2020 Image used for illustrator purpose only.

People shop at a supermarket, following the outbreak of the coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 26, 2020 Image used for illustrator purpose only.

REUTERS/Christopher Pike

The annual Consumer Price Index (CPI) in Dubai decreased by 3.87 percent in March 2021 compared to the same period last year. On a monthly basis, the CPI was 0.02 percent lower in March 2021 compared to February 2021. 

According to figures released by the Dubai Statistics Centre, prices of housing, water, electricity, gas and fuel decreased by 8.68 percent in March 2021 compared to the same period in 2020. Similarly, prices of food and beverages, healthcare, clothing and footwear were down by 3.97 percent, 0.01 percent and 2.57 percent, respectively.

However, transportation prices in Dubai increased by 0.93 percent in March compared to the same period last year. Telecom as well as restaurant and hotel prices saw a slight surge of 0.07 percent and 0.77 percent in March 2021.

From month to month, prices for housing, water, electricity, gas and fuel decreased by 0.83 percent in Dubai in March 2021 compared to February 2021.

Similarly, telecom prices decreased by 0.02 percent and restuarant and hotel prices by 0.12 percent. Meanwhile, transportation and entertainment prices increased by 4.89 percent and 0.84 pecent, respectively.

The CPI in Dubai decreased by 0.42 percent in February 2021 compared to January 2021. Consumer prices in Dubai fell by 4.50 percent on an annual basis in February 2021 compared to same period in 2020.

In the seasonally adjusted IHS Markit Purchasing Managers’ Index (PMI), which measures changes in output, new orders, employment, suppliers’ delivery times and stocks of purchased goods, Dubai was rated 51.0 in March, up fractionally from 50.9 in February.

As the emirate's non-oil economy continues to recover, global supply delays and increasing input shortages in March have led to the sharpest rise in prices in 28 months, IHS Markit reported last week.

(Writing by Seban Scaria; editing by Daniel Luiz)

seban.scaria@refinitiv.com

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© ZAWYA 2021

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