Dubai Housing Index Pushes Inflation Rate to Five-Year High - Bloomberg

Dubai Housing Index Pushes Inflation Rate to Five-Year High - Bloomberg:



"Dubai’s inflation rate climbed to the highest since August 2009, led by a rise in the cost of housing, the biggest component on the consumer price index.



Prices were up 3 percent in April from a year earlier, the Dubai Statistics Center said in an e-mailed statement yesterday. Gas and housing climbed 15 percent and 5.3 percent, respectively, raising the housing sub-index 4.9 percent. Dubai’s inflation rate is rising as the economy is forecast to expand at the fastest rate since 2007. 




Domestic output will expand 5.1 percent, according to International Monetary Fund estimates, on growth in the hospitality and trade industries. Dubai’s benchmark index climbed 44 percent in 2014, the fastest pace globally, while passenger traffic in its international airport may beat London’s Heathrow this year."



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