Inflation is expected to surge by 3.3 per cent in Q3.
The Consumer Price Index (CPI) in the Emirate of Abu Dhabi is like to increase by 3.3 per cent year-on-year in the third quarter of 2018, according to Statistical Center - Abu Dhabi (SCAD) estimates released on Sunday.
''Consumer inflation for the first six months of 2018 rose to 3.6 per cent compared with the same period of 2017, driven by the increase in the CPI to 111.9 per cent, up from 108 per cent during the first half of 2017. On the other hand, a comparison of monthly price data reveals an increase of 3.3 per cent in consumer prices in June 2018 compared with June 2017. In addition, the CPI nudged up 0.5 per cent in June 2018 compared with the previous month,'' said the SCAD monthly report on the CPI and the inflation rate in the Emirate for June and the first six months of 2018, with 2014 fixed as the base year, reported WAM.
The report noted further that Abu Dhabi contributed 43.4 per cent of the total 3.6 per cent y-oy increase in consumer prices observed during first six months of 2018 as price levels in the region advanced by 2.7 per cent. Al-Ain and Al Dhafra accounted for 49.1 per cent and 7.5 per cent respectively of the total consumer inflation recorded during the first half of 2018.
Consumer inflation during the first six months of 2018 was likely driven by the transport sector, which increased by 9.4 per cent, contributing 36.4 per cent of the overall increase in the CPI. Another key contributor to the rise in consumer prices during the period under review was categorised as ‘clothing and footwear’, which accounted for 19.6 per cent of the overall increase in the CPI during the first six months of 2018 compared with the same period of 2017, reflecting a 14.1 per cent surge in its prices.
‘Miscellaneous goods and services’ contributed 14.9 per cent of the overall increase in the CPI for the first six months of 2018 compared with the same period of the previous year, as the prices of the group soared by 7.6 per cent. On the other hand, the category of ‘housing, water, electricity, gas and fuel’ detracted 32.5 per cent from the overall increase in the CPI during the first six months of 2018, reflecting a 3.4 per cent fall in house rents, WAM reported.