Consumers have expressed relief that the UAE’s once surging inflation rate seems to be on the way down, bringing the cost of living to more manageable levels.
“I’ve noticed housing prices falling and also a lot of stores and supermarkets providing discounts and special offers,” said Ahmad al Suweie, a 27-year-old Emirati businessman who has three children. “This could be the start of a trend of falling prices. I hope so.”
Sultan bin Saeed al Mansouri, the Minister of the Economy, told reporters on the sidelines of the Abu Dhabi Economic Forum yesterday that the Government was hoping that inflation would drop to five per cent this year. The true rate of inflation is difficult to ascertain. The ministry reported a 12.2 per cent rate in March last year, excluding Abu Dhabi, but there have been no official figures since then. In October, the IMF predicted in its regional economic outlook that UAE inflation would probably be 12.9 per cent for 2008, then ease to 10.8 per cent in 2009.
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