UAE inflation not to exceed 2% this year

15 Feb 2010

(MENAFN) UAE’s Economy Minister, Sultan bin Saeed Al Mansouri, said that the country’s inflation will not exceed 2 percent this year, but did not elaborate on his prediction, WAM reported.

The UAE, the world’s third largest oil exporter, posted annual inflation of 1.56 percent in 2009, official data showed, down from a record high of 12.3 percent in 2008. Al Mansouri said that this year’s inflation would reflect positive results, but would not exceed 2 percent.

Consumer prices dropped 0.42 percent on an annual basis in December, after 0.17 percent growth in the previous month, according to the National Bureau of Statistics.

UAE’s oil and property boom have come to an end when the global financial crisis took its toll on the world. The outbreak of the economic crunch has sent the UAE under temporary deflation in 2009 and pushed consumer prices growth down from 2008 record peaks.

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