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UAE to see low inflation in 2009, says al-Suwaidi
- United Arab Emirates: Monday, September 28 - 2009 at 15:20
The UAE will see 'low inflation' this year and any deflation will not depress the economy, the country's Central Bank Governor Sultan bin Nasser al-Suwaidi said today. He told a news conference that deflation 'is an external development but it does not impact the economy here the way it does somewhere else'. Consumer prices rose 0.3% in July from a year earlier, after falling 0.03% in June, the economy ministry said on August 27. Inflation across Gulf Cooperation Council states has eased after exceeding 10 percent in five of the six member countries last summer. Oil prices are 55 percent down from their high of $147.27 a barrel in July last year.
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StaffMonday, September 28 - 2009 at 15:20 UAE local time (GMT+4)
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