Dubai’s average inflation for 2024 slowed down to 3.27% in 2024, from 3.33% in 2023, according to figures (pdf) from the Dubai Statistics Center. Food and beverage prices increased at slower rate of 2.33% last year, down from 4.57% in 2023 — a change that helped offset an increase in the pace of rising prices of housing, water, electricity, gas, and other fuels to 6.74%, up from an average of 5.68% in 2023.

Dubai’s annual inflation fell to 2.89% in December, down from 3.01% in November, the figures showed. The lower inflation reading was mainly driven by decreased inflation of transport, information and communication, and clothing and footwear during the month.

The breakdown: Prices of housing, water, electricity, gas, and other fuels — the largest component of the basket of goods and services — increased at the highest pace recorded throughout 2024 to 7.23% in December, compared to 7.21% in November. However, annual transportation inflation fell by 4.90%, information and communication went down by 2.05%, and clothing and footwear declined by 1.27% during the month. Meanwhile, personal care and social protection inflation rose at a slower rate of 1.94%, down from its 2024 peak of 3.25% in November.

REMEMBER- Fuel prices fell in December by nearly 5%, except for a marginal increase in diesel, following a 3% price increase in November.

Month-on-month, Dubai’s inflation increased 0.45% in December, remaining unchanged from the previous month’s reading, according to the statistics center’s monthly inflation report (pdf).

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