Inflation in Dubai Slows Down

Price Growth Eases to a 14-Month Low

Consumer price inflation in Dubai continued to decline in October 2024, according to Emirates NBD Research. The annual inflation rate dropped to 2.4%, marking the lowest level since August 2023. This represents a slight decrease from September's rate of 2.5%, with inflation falling by 0.1 percentage points month-on-month.

The slowdown in inflation was primarily driven by falling global oil prices, which led to reduced gasoline costs. In October, the price of Super 98 gasoline dropped by 22.7% compared to the same period last year.

Experts expect inflation in Dubai to continue its downward trend in the near future. Emirates NBD Research has revised its forecasts for 2024 and 2025, projecting average annual inflation rates of 3.3% and 2.8%, respectively. Senior economist Daniel Richards highlighted that this slowdown is a positive indicator of strengthened economic stability in Dubai.