Business | Economy
Abu Dhabi plans more accurate inflation data
Abu Dhabi will use the findings of a household spending survey this year to modify an outdated consumer price index to more accurately calculate inflation, a government official said on Monday.
- Reuters
- Published: 23:33 June 23, 2008
Abu Dhabi: Abu Dhabi will use the findings of a household spending survey this year to modify an outdated consumer price index to more accurately calculate inflation, a government official said on Monday.
Abu Dhabi will begin calculating price rises based on the new index in the fourth quarter, said Butti Ahmad Al Qubaisi, assistant under-secretary for the Department of Planning and Economy.
Inflation in Abu Dhabi hit 11.7 per cent in 2007 and held at 11.5 per cent in March, official data showed this month.
In July, the UAE capital will open a statistics centre to compile regular econ-omic and social data, Al Qubaisi told reporters.
"It is very important to give a clear road map for decision-makers. We are trying to build a statistics culture," Al Qubaisi said.
It released its federal 2007 inflation data only last week, showing price rose 11.1 per cent, their fastest pace in at least 20 years.
Abu Dhabi's current consumer price index is based on data from a 1997 survey of household spending habits, Al Qubaisi said.
A new index is being devised based on a year-long household expenditure and income survey, concluded in March, that collected data on spending habits of Emirati and non-Emirati families in Abu Dhabi, he said.
"The changes in spending have been considerable since 1997. We will base the new basket on the new survey," he said.
The new survey showed rents and energy accounted for 34.46 per cent of a resident's monthly expenses, followed by transportation and telecommunications at 19.59 per cent, and food and beverage costs at 14.91 per cent.
"The economic surveys will monitor the growth in the economy and be used to give a complete picture of Abu Dhabi's GDP," Qubaisi said.
More from Economy
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
