Dubai: UAE’s annual inflation rate eased to 1.6 per cent in October of 2018 from 3.1 per cent in the previous month. It was the lowest inflation rate since October of 2017.
On a monthly basis, consumer prices went down 0.5 per cent, after a 0.6 per cent fall in September.
Drop in prices were driven by drop in housing costs, transport and household goods figures from the National Bureau of Statistics showed.
In the UAE, the main components of the consumer price index are housing that carries a weightage of 34.1 per cent of the total weight; while food and soft drinks carry 14.3 per cent and transportation 14.6 per cent. Education accounts for 7.7 per cent; Miscellaneous Goods and Services for 6.3 per cent; Furniture and Household Goods for 5.6 per cent and Communications for 5.4 per cent.
Prices fell 5.2 per cent for housing & utilities, compared to a 4.4 per cent drop in September while food & beverages (2.1 per cent vs 3.2 per cent in September); transport (9.3 per cent vs 12.9 per cent); education (2.4 vs 4.3 per cent); furniture & household goods (5.8 per cent vs 6.1 per cent); communication (3.5 per cent vs 3.7 per cent); restaurant & hotels (6.1 per cent vs 7.8 per cent).