United Arab Emirates’ consumer prices fell 0.4 percent in October from a year ago, the fourth consecutive month of deflation in the Gulf Arab state.
The decline in prices was led by cheaper food and clothing, the U.A.E.’s Economy Ministry said on its Web site today. In the month, consumer prices dropped 0.1 percent.
Lower oil prices have helped reduce inflation in Gulf Arab states this year. Crude dropped to a five-year low in December and is currently trading at $77 a barrel. It reached a record high of about double that level last year, pushing inflation above 10 percent in most of the region.
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