On the path of Deflation?
The UAE’s National Bureau of Statistics said in a statement that consumer prices in the country declined 0.16 percent on annual basis in February, slightly less than a decrease of 0.32 percent in January, AP reported .
The consumer price index slipped to 114.15 compared to 114.33 in February 2009, which was revised from a previously reported 111.34. The financial crisis ended an oil and real estate-fuelled boom in the Gulf Arab region, depressing consumer prices from 2008 record peaks, with some countries such as the UAE especially hard hit due to Dubai’s debt problems. On the month, prices decreased 0.17 percent in February, after falling 0.06 in January, the data showed. The bureau said prices in the main household category, which accounts for 39 percent of the consumer inflation basket and includes rents and energy costs were down 0.32 percent compared to the previous month.
