World Economy

Dubai Inflation at 6-Year High

Dubai Inflation at 6-Year HighDubai Inflation at 6-Year High

Dubai’s annual inflation rate rose 4.7% in May, its highest level since 2009, data showed on Sunday, Reuters said. The housing and utility costs, which account for almost 44% of consumer expenses, jumped 7.8% from a year earlier in May and rose 0.7% from the previous month, according to Dubai Statistics Center. The food and beverage prices, which account for 11% of the basket, rose 1.7% year-on-year and 3% month-on-month, it added.