World Economy

UAE Inflation Surges High

UAE Inflation Surges HighUAE Inflation Surges High

Inflation in the UAE hit a nearly six-year high of 4.3% on an annual basis in March, according to a report, Reuters said. The housing and utility costs, which account for over 39% of consumer expenses, jumped 9.3% from a year earlier in March, reported the Emirates National Bureau of Statistics citing the March consumer price data. Abu Dhabi, the biggest emirate in the UAE, hiked electricity and water tariffs from January 1, while the real estate market has been rising strongly, stated the report, indicating that the annual inflation was at its highest level since February 2009.