The high levels and rates of inflation swept most countries in the world, due to the rise in oil prices, and the economic repercussions of the current Russian-Ukrainian crisis.
Inflation in the UAE for the first quarter of 2022 is still among the lowest rates in the world, and far from those increases that are sweeping most economies around the world.
The UAE ranked third in the world in the stability of inflation rates, according to the Competitiveness Yearbook Report 2022, issued by the International Institute for Administrative Development in Switzerland.
The latest forecasts of the “International Monetary Fund” indicate that the inflation rate in the UAE during 2023 will decline to 2.8%, to remain among the lowest inflation rates in the world.
The main drivers of inflation will be the rise in energy prices and imported inflation, which are expected to reach world records, in addition to the increase in wages and the continued decline in rents.
According to an economic study titled “The rise in international prices of goods and services, and their implications for inflation rates in the UAE” – for the “Ministry of Economy”; the inflation rate in the UAE has taken a general upward trend during the quarter of the years 2020-2022, after it was contracting during the first and second quarters of 2021.
Respectively -1.65, -0.48%, inflation in consumer spending prices began to appear clearly, Inflation rates increased from 0.57% during the third quarter of 2021, and also increased during the fourth quarter of 2021, to 2.31%..
During the first quarter of 2022, the consumer price inflation rate in the UAE was about 3.35%, which showed that the general index rose to 102.70 points during the period from January to March 2022, compared to about 99.37 points in the same period in 2022. 2021, according to the data of the “Ministry of Economy”, quoting the “Federal Center for Competitiveness and Statistics”.
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