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Inflation in UAE, GCC nations to spike this year

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Inflation in the UAE, Gulf Cooperation Council (GCC) countries and the wider Middle East and North Africa region will spike this year due to an increase in food and commodity prices after the Russia-Ukraine war, say economists.

It is projected that the inflation will ease to 2.5 per cent for the UAE next year. While inflation in most of the other Gulf countries will also witness a surge this year, with average inflation reaching 3.0 per cent, 3.5 per cent, 2.5 per cent, 3.5 per cent and 3.0 per cent in Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, respectively.

See also  UAE: Arriving GCC Nationals to Face Tests & Quarantine

The increase in inflation is attributed to the impact of the Ukraine-Russia war on the global food and other commodity prices as well as high crude oil prices.

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Source
Khaleej Times

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